- U.S oil and gas consumption and production growth accelerated in 2018 at a record pace solidifying the U.S. as the world’s largest oil and gas producer
- The U.S. holds less than 4 percent of the world’s oil and 6 percent of gas reserves, but now accounts for over 20 percent of global gas supply and 16 percent of global oil supply
- Renewables’ generation share in the US reached 10 percent for the first time in 2018, up from 6 percent five years ago. On a global basis, though the rapid growth in renewables is essential, it’s unlikely to be sufficient. A wide range of technologies and fuels are needed to decarbonize.
- Renewables consumption in the U.S. accounted for almost 19 percent of global renewables consumption
- U.S. carbon dioxide emissions grew by 2.6 percent, and the U.S. still contributes to 15 percent of global CO2 emissions
- Carbon intensity (the amount of carbon emitted per unit of energy) continued to improve at a rate of 0.9 percent, a slower pace than the 1.3 percent seen over the last decade
- Some of last year’s increase in energy consumption may be related to weather effects as there were an unusually large number of both hot and cold days last year, which led to higher energy consumption as the demand for cooling and heating services increased.
“In the U.S., increases in shale plays onshore were largely responsible for the largest-ever annual production increase by any country for both oil and natural gas,” said Michael Cohen, BP head of oil analysis and chief U.S. economist. “With this output, exports from the U.S. are now on par with Saudi exports, underlining just how important developments in the U.S. oil industry are on global markets and the increase in output helped the U.S. dramatically reduce net oil imports to below 3 million barrels a day and increase LNG exports by almost 70 percent.”
Now in its 68th year, BP's Statistical Review provides an objective overview of what happened to energy markets in 2018 and is a guide to future trends.