This article highlights the key energy developments of 2024, including record U.S. oil production, rising global temperatures and carbon emissions, the increasing role of AI in energy, and the surge in electric vehicle sales.
The energy sector in 2024 was marked by steady progress rather than seismic shifts, with moderate oil prices reflecting a year largely unshaken by geopolitical turbulence. Here's a closer look at some of the key energy stories that defined the year. 1. U.S. Oil Production Reaches Historic Highs In 2024, the United States continued its upward trajectory in oil production, surpassing the previous record set in 2023. That means that once again, the U.S.
produced more oil than any country in history. Final numbers won't be available until January, but the previous record will be beaten by nearly 3%. This achievement underscores the nation's ongoing energy dominance, driven by technological advancements and strategic infrastructure investments. 2. Record carbon emissions and global temperatures 2024 was recorded as the hottest year to date, with global average temperatures reaching 1.54C above pre-industrial levels. This unprecedented warmth contributed to climate-related disasters worldwide, including extreme heatwaves, droughts, and wildfires. In Spain, for instance, the country faced significant heatwaves leading to over 8,000 heat-related deaths and severe droughts that drastically reduced olive oil production. 3. The Rise of AI in Energy Artificial Intelligence AI became increasingly integral to the energy sector in 2024. The rise of AI technologies significantly increased energy demand from data centers. But AI applications are also enhancing grid management, optimizing energy distribution, and improving the efficiency of renewable energy sources. The U.S. Department of Energy has identified AI as a key tool in areas such as planning, permitting, operations, and reliability, aiming to bolster the resilience and efficiency of the energy grid. 4. Electric vehicle sales surge Electric vehicle EV sales experienced significant growth globally in 2024, rising 32% from 2023 for a third consecutive record high. China leads all countries in EV sale
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