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U.S. Petroleum Product Exports Set Record High

Total U.S. petroleum product exports set a record high in 2018 for the 16th consecutive year. From 2009 to 2013, distillate exports contributed the most to annual growth. However, from 2014 to 2018, exports of hydrocarbon gas liquids, which include propane, drove U.S. petroleum product export growth. As U.S. crude oil production increased over the past decade, gross inputs into refineries also increased.


FERC Approves Two New LNG Export Terminals

Last week the Federal Energy Regulatory Commission (FERC) “approved construction of two proposed liquefied natural gas (LNG) export terminals, Tellurian Inc’s Driftwood in Louisiana and Sempra Energy’s Port Arthur in Texas,” Reuters reports.

“Driftwood and Port Arthur are just two of dozens of LNG export terminals under development in the United States, Canada and Mexico. With so many plants under development, analysts have said that most will likely not be built over the next decade.”

U.S. Consumed More Energy Than Ever in 2018

Primary energy consumption in the U.S. reached a record high of 101.3 quadrillion British thermal units (Btu) in 2018, up 4% from 2017 and 0.3% above the previous record set in 2007. The increase in 2018 was the largest increase in energy consumption since 2010.

Consumption of fossil fuels—petroleum, natural gas, and coal—grew by 4% in 2018 and accounted for 80% of U.S. total energy consumption. Natural gas consumption reached a record high, rising by 10% from 2017. This increase in natural gas, along with relatively smaller increases in the consumption of petroleum fuels, renewable energy, and nuclear electric power, more than offset a 4% decline in coal consumption.

Report: Mining Companies Should Focus on Strategy

Amid growing economic uncertainties, mining companies need to develop value creation strategies that are independent of commodity prices and enable them to pursue value creation from multiple angles. So says a new report from Boston Consulting Group (BCG) titled Value Creation in Mining 2019: Return to Strategy.

Banking on rising commodity prices—which powered performance in the most recent cycle and has largely driven gains in the current recovery—is no strategy in itself, according to the report.

U.S. Solar Industry Poised for Major Growth

According to the newly released U.S. Solar Market Insight 2018 Year-in-Review Report from Wood Mackenzie Power & Renewables and the Solar Energy Industries Association (SEIA), the U.S. installed 10.6 gigawatts (GW) of solar PV capacity in 2018 to reach 64.2 GW of total installed capacity, enough to power 12.3 million American homes. This represents a 2% year-over-year decrease. Total installed U.S. PV capacity is expected to more than double over the next five years - by 2024, more than 15 GW of PV capacity will be installed annually.

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