By Ben Gemen
The downturn in the Permian Basin, the heart of the U.S. oil patch, was large enough to cause a big drop in electricity use there, analysis from a University of Chicago energy think tank shows.
What they did: Their analysis looks at daily declines and fluctuation compared to a pre-COVID baseline (captured above), as well as the average drop-off since mid-March, which is 24%.
How it works: Oil production sites often use electric-powered pumps, so the shut-in of thousands of wells meant a big decline in power demand.
Areas of Focus: Energy Markets, Electric Power, Fossil Fuels, COVID-19
Definition
Energy Markets
Well-functioning markets are essential for providing access to reliable, affordable energy. EPIC research is uncovering the policies, prices and information needed to help energy markets work efficiently.
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Electric Power
As the electric power system faces new pressures and opportunities, EPIC research is working to identify the mix of policies needed to accelerate the global transition to clean, reliable, affordable...
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Fossil Fuels
Under current policies, fossil fuels will play an important role in the energy system for the foreseeable future. EPIC research is exploring the costs and benefits of these fuels as...