For decades, Russia, also known as the former Soviet Union before 1991, the United States, and China have dominated global energy production. Energy is a vital component to the survival and expansion of any economy worldwide. Over the years, the development of new technologies allowed the production of cleaner and more renewable fuels, many of which have been embraced by numerous countries.
China grew its energy production growth from 26 quadrillion Btu annually in 1985 to over 123 quadrillion Btu in 2019 which is primarily attributed to coal production. As the world’s largest producer of coal with over 3.7 billion tons annually, China far outproduces the U.S. with 640 million tons of coal per year.
Many analysts believe that a ban on Russian oil imports may prove to be inconsequential as the 22 million barrels imported monthly from Russia essentially equates to one days worth of U.S. oil production, of which is roughly 18 million barrels.
Canada and Saudi Arabia are among the top five energy producers, primarily producing petroleum and crude oil products. The U.S. and Russia are significant producers of natural gas, which burns cleaner than petroleum products and is used globally.
Sources: EIA, OECD
PlanRock offers financial planning tools, investment portfolios, various levels of advice, and full-service support. Please contact 800-677-6025 or go to www.PlanRock.com for more information about how we can help you reach your goals.
© PlanRock Investments, LLC. The content above is available for use only by authorized subscribers, clients and where permissible as such. This content is not authorized for resale. Past performance does not guarantee future results. The sources we use are believed to be reliable, but their accuracy is not guaranteed.