The forecast for total support on petroleum for fossil fuel production in the US indicates a declining trend from 2024 to 2028, with support decreasing substantially each year. In 2024, support stands at approximately $499 million, and by 2028, it is forecasted to decline to around $1.61 billion. These figures show a consistent year-on-year reduction, with notable annual percentage declines, indicating a significant reduction trend over this timeframe. The compound annual growth rate (CAGR) over the five-year period highlights an average annual decrease, suggesting a continued shift away from petroleum support for fossil fuel production.
Future trends to watch include potential policy changes aimed at further reducing fossil fuel subsidies, increasing investments in renewable energy, and technological innovations that may alter the dynamics of energy support. Monitoring geopolitical factors and their impact on the fossil fuel market will also be crucial.
