COVID-19 has upended and completely altered the way we use energy. What has been conventional wisdom and consistent for decades has all changed in a matter of months. For the first time since 1960, U.S. consumers have spent more on electricity than on gasoline, representing a dramatic shift in energy usage.
Reasons for the shift are attributed to an enormous drop in driving, as millions of U.S. workers began working from home. Demand for gasoline dropped to the lowest levels since 1990, in turn transferring demand to electricity which has seen the largest usage spike in 20 years. The growing use of laptops, printers and other home office equipment has elevated home electricity consumption. Any additional stay at home mandates may continue to affect gasoline and electricity consumption as millions of workers continue to adjust working from home.
Sources: U.S. Energy Information Administration
Disclaimer: The information published herein is provided for informational purposes only, and does not constitute an offer, solicitation, or recommendation to sell or an offer to buy securities, investment products, or investment advisory services. All information, views, opinions, and estimates are subject to change or correction without notice. Nothing contained herein constitutes financial, legal, tax, or other advice. The appropriateness of an investment or strategy will depend on an investor’s circumstances and objectives. Please consult your advisor about what is best for you.