A nearly daily update of energy-related news:
- The Dallas Fed forecasts that Texas’s job growth will either remain flat or grow by 1.5 percent (an additional 179,000 jobs) in 2016. These numbers are according to a report released on Friday which takes into consideration the effect that oil prices have on the Texas economy. Despite lowered crude prices, Texas did not fall into a recession in 2015 because of the many leading industries that make up the state’s economy. “Due to diversification of the state’s economy over the past three decades, the energy industry now accounts for approximately 2 percent of employment and 9 percent of gross domestic product, a smaller share of activity than in the 1980s,” said Robert Kaplan, president and CEO of the Dallas Fed.
- The EIA reports that in 2015, almost 33 percent of U.S. electricity was powered by natural gas, 33 percent was fueled by coal, 20 percent was generated by nuclear energy and 13 percent was produced by renewable energy. The remaining one percent was created by petroleum. Of the renewable energy created in 2015, six percent came from hydropower, wind power provided almost five percent, biomass accounted for about two percent, geothermal powered generated less than one percent and solar power produced nearly one percent.