> Every euro of EU output now takes 44% less energy than it did in 1995, and more than a third of that improvement has landed since 2019.
This is positioned as the key fact of the whole argument, presented first and repeated. But they do not attempt an equivalent US figure. So here's mine.
4.04 / 7.77 ≈ 0.52, so the U.S. uses about 48% less energy per dollar than in 1995, versus 44% per euro for the EU. So pretty much the same as across the pond.
Those numbers are in units of "Consumption per Real Dollar of GDP", which is defined as follows: "Calculated as energy consumption
divided by U.S. gross domestic product in chained (2017) dollars".
I don't know exactly what it meant by "chained", although from the context it does sound as though it might mean something like "inflation adjusted".
It does mean they tried to eliminate inflation as a factor. In my experience though the basket of goods used for inflation calculations do a poor job representing the majority of consumers' and businesses' costs.
They used and installed a fair amount of renewable energy since then. Plus, the similar efficiency gains in the EU and the article have also happened in the US. While there hasn't been government encouragement directly, there have been a lot of things that cause it to happen anyway.
Interestingly you're looking at the wrong column: emissions per million USD GDP have gone from 467 metric tons to 206 metric tons. That's an improvement of about 56%. It'd be great if the politicians here in the EU could pull their heads out of their arses long enough to try and match that.
Good point. One could counter with the fact that US transitioned to service based and software while EU kept the heavy industry (more) while doing the change
CTRL+F "manufacturing": 0 results for a website called "oilprice", instead it has this line: "An economy that produces more while burning less isn't stagnating…it's just getting more efficient, and there's no headline number for that, so it mostly doesn't get written about.", which is false, these are different things. EU economy shifted from manufacturing to services in the past decades and especially after the GFC (from which it never recovered in some sectors), losing millions of those jobs in the process, and an output decline in the 20% range, France leading the way with the industrialization collapse. Services are inherently less energy sensitive than manufacturing and there's no question the latter, already struggling, hit another wall in 2022 because the continent has zero energy independence. If you cannot produce your energy your manufacturing will always be at the mercy of macroeconomic events, and your consumption will always depend on another country's production. It takes 20 seconds to generate an AI article full of fabrications but orders of magnitude more to properly correct it..
AI is fine in itself. The only question are the numbers correct. I'm not sure how to validate them. The facts count the most important. The second is the article readable without being too wordy or any other such problems.
> Gas set the price of electricity in 15% of hours in Spain this year against 89% in Italy, and when Hormuz closed, Spain grew 0.7% while Italy got flagged as the eurozone's most exposed economy.
It's a shame that Italy spent so little on solar compared to Spain. Sun shining there as well last time I checked.
We'll see after the winter. Industrial decline may also lead to reductions in energy use. And increased costs in coutnries where EU "exported" it's energy heavy industry may come back and bite, too.
I would not make conclusions from a short 5 month price shock.
> The EU now runs on roughly 44 percent less energy per euro of output than it did in 1995, and more than a third of that improvement has landed since 2019 alone.
Is this really a de-industrialization story? Is manufacturing much more efficient since that time, or has the economy moved onto other less energy intensive tasks, say through outsourcing them to Asia?
This is positioned as the key fact of the whole argument, presented first and repeated. But they do not attempt an equivalent US figure. So here's mine.
https://www.eia.gov/totalenergy/data/monthly/pdf/sec1_19.pdf
4.04 / 7.77 ≈ 0.52, so the U.S. uses about 48% less energy per dollar than in 1995, versus 44% per euro for the EU. So pretty much the same as across the pond.I don't know exactly what it meant by "chained", although from the context it does sound as though it might mean something like "inflation adjusted".
It does mean they tried to eliminate inflation as a factor. In my experience though the basket of goods used for inflation calculations do a poor job representing the majority of consumers' and businesses' costs.
It's a shame that Italy spent so little on solar compared to Spain. Sun shining there as well last time I checked.
I would not make conclusions from a short 5 month price shock.
Is this really a de-industrialization story? Is manufacturing much more efficient since that time, or has the economy moved onto other less energy intensive tasks, say through outsourcing them to Asia?