In 2023, total support for fossil fuel producers in the US was below the forecasted $10.39 billion for 2024. This support is anticipated to increase annually by an average of 14.45% through 2026, reaching $13.75 billion, and continue growing by 12.07% and 10.63% in the subsequent years to $15.41 billion in 2027 and $17.05 billion in 2028 respectively. Over these five years, the Compound Annual Growth Rate (CAGR) is forecasted to be 13.12%, indicating steady policy support or financial backing for fossil fuel producers.
Future trends to watch for include potential shifts in energy policy towards renewable energy, changes in political leadership, and global economic factors affecting fossil fuel markets. Monitoring the impact of environmental regulations and technological advancements in energy sectors will also be essential.
