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EU gas consumption, US oil imports & Tariffs, Sanctions complicated, US trade war dicey, US nuclear, EU divisions on Russia sanctions, EU summer gas premium, Germany needs coal, & more
Chart of the Day: European Union’s Gas Consumption Declined in 2024
Summary
Figure (1) shows trends in consumption in EU countries. The EU's total gas consumption decreased for the third consecutive year. Gas consumption dropped from 330 billion cubic meters (bcm) in 2023 to 325 bcm in 2024, a 1.5% year-on-year decrease. Gas demand declined throughout most of 2024, but lower wind output and cold weather led to a surge in demand in Q4 2024.
EOA’s Main Takeaway
The media has been trying to show the EU's success in replacing Russian gas by reducing gas consumption and attributing it to the adoption of renewable energy. That is NOT true. Here is why: