In 2024, RD&D investment in US fossil fuels is forecasted to reach $550.75 million (in 2020 PPP dollars). Compared to 2023, the investment trajectory shows a decreasing pattern through 2028, with slight annual declines. Specifically, the projected year-on-year decreases are modest, averaging around 0.6% annually over the five-year span. The compound annual growth rate (CAGR) reflects a gentle downward trend, indicating a potential reevaluation in fossil fuel research priorities.

Future trends to watch for:

Potential increases in allocations to renewable energy RD&D, driven by policy shifts and environmental regulations.
Technological advancements in carbon capture and storage may influence RD&D spending dynamics.
Global market fluctuations and energy security concerns can redirect investment focus.