ENERGY EXPLANATION

Over the last 50 years, has energy spending risen or declined? The answer is both! In 1970, inflation-adjusted US energy expenditures totaled about $500 billion, in 2022 they were $1.7 trillion, they more than tripled. On a per capita basis, expenditures rose from almost $2,500 to $5,200, they slightly more than doubled. However, as a percentage of GDP they fell from 8% in 1970 to 6.7%, a decline of 16%.