While green energy initiatives support alternative and renewable fuel sources and inhibit fossil fuels, crude oil, oil products, natural gas, and coal continue to power the world in early 2024. The energy sector of the commodities market, including oil, gasoline, heating oil, natural gas, and ethanol futures, fell 19.26% in Q4, while coal prices were 15.13% lower. In 2023, coal declined over 43%, while the traditional energy sector posted a 21.85% loss.
As we move into 2024, energy prices have fallen to levels that offer value, considering the geopolitical landscape. Meanwhile, U.S. energy production and consumption will be a leading topic during the 2024 race for the White House. The opposition favors energy independence via drilling and fracking for fossil fuels, while the current administration is committed to a greener path, addressing climate change.
