World’s Largest Energy Consumers – Global Energy Demand
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As China and other developing countries continue to grow their middle class and build new cities and roads, the demand for energy such as electricity, continues to increase enormously.
China continues to build and expand its infrastructure to accommodate a population of over 1.4 billion people, while the United States has far less of a population to accommodate with 331.9 million. Optimistically, the U.S. has become more of an energy producer and less of an energy consumer, due in part to technology advances and slower economic expansion.
The abundance of newly extracted oil and natural gas from the United States has been primarily attributable to the advancement of technology. Radical new processes and methods of identifying oil and natural gas reserves have propelled the U.S. to a world leader for energy resources.
As global growth from emerging and developing countries continues, so does the demand for energy. Electricity is a primary energy source for the individual population and for a country’s manufacturing sector and infrastructure. Many market analysts believe that long-term global growth is what has been fueling the steady rise in energy prices, more so than geopolitical events.
Source: U.S. Energy Information Administration (EIA)
Print Version: Largest Energy Consumers Feb 2024
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