BP says all other global energy crises pale in comparison to the year of Covid. These stats show why

Published

4 years ago

July 12, 2021

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LONDON — Oil and gas giant BP on Thursday published its benchmark Statistical Review of World Energy, describing 2020 “as a year like no other” due to the impact of the coronavirus pandemic on global energy.

Over the past seven decades, BP said it had borne witness to some of the most dramatic episodes in the history of the global energy system, including the Suez Canal crisis in 1956, the oil embargo of 1973, the Iranian Revolution in 1979 and the Fukushima disaster in 2011.

“All moments of great turmoil in global energy,” Spencer Dale, chief economist at BP, said in the report. “But all pale in comparison to the events of last year.”

To date, more than 185 million Covid-19 cases have been reported worldwide, with over 4 million deaths, according to data compiled by Johns Hopkins University. The actual tally of Covid-19 infections and fatalities is believed to be far higher — and continues to rise.

The pandemic also led to massive economic loss, with global GDP estimated to have slipped by around 3.3% last year. That represents the largest peacetime recession since the Great Depression.

For global energy, the Covid pandemic has had a dramatic impact. Here are some of the highlights from the report:

Energy developments

BP said the coronavirus crisis last year resulted in primary energy and carbon emissions falling at their fastest rates since World War II. The relentless expansion of renewable energy, however, was found to be “relatively unscathed,” with solar power recording its fastest ever increase.

To be sure, the oil and gas company said world energy demand was estimated to have contracted by 4.5% and global carbon emissions from energy use by 6.3%.

“These falls are huge by historical standards — the largest falls in both energy demand and carbon emissions since World War II. Indeed, the fall of over 2 Gt of CO2 means that carbon emissions last year were back to levels last seen in 2011,” Dale said.

“It’s also striking that the carbon intensity of the energy mix — the average carbon emitted per unit of energy used — fell by 1.8%, also one of the largest ever falls in post-war history,” he added.

Bim | E+ | Getty Images

For some, the decline of global carbon emissions briefly raised hopes of so-called “peak carbon,” although desires of limiting global warming — and meeting a crucial target of the landmark Paris accord — are rapidly deteriorating.

It comes even as politicians and business leaders publicly acknowledge the necessity of transitioning to a low-carbon society, with policymakers under intensifying pressure to deliver on promises made as part of the Paris Agreement ahead of this year’s COP26.

“There are worrying signs that last year’s COVID-induced dip in carbon emissions will be short lived as the world economy recovers and lockdowns are lifted,” Bernard Looney, CEO of BP, said in the report.

“The challenge is to achieve sustained, comparable year-on-year reductions in emissions without massive disruption to our livelihoods and our everyday lives,” he added.

Oil

The Covid crisis triggered a historic oil demand shock in 2020, with Big Oil enduring a brutal 12 months by virtually every measure. The pandemic coincided with falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts.

The torrent of bad news prompted the head of the International Energy Agency to suggest 2020 may come to represent the worst year in the history of oil markets.

BP said oil consumption fell by a record 9.1 million barrels per day, or 9.3%, last year, slipping to its lowest level since 2011.

A general view of Gunvor Petroleum or Rozenburg refinery in Rotterdam, Netherlands. Europe’s largest port covers 105 square kilometers (41 square miles) and stretches over a distance of 40 kilometers (25 miles).

Dean Mouhtaropoulos | Getty Images News | Getty Images

Oil demand fell most in the U.S., contracting by 2.3 million barrels, followed by the EU and India, contracting 1.5 million barrels and 480,000 barrels, respectively.

BP said global oil production shrank by 6.6 million barrels, with oil producer group OPEC accounting for two-thirds of that decline.

The price of international benchmark Brent crude averaged $41.84 in 2020, the energy giant said, its lowest level since 2004. The oil contract was last seen trading at $73.70.

Renewables

“Arguably, the single most important element of the energy system needed to address both aspects of the Paris Agreement — respond to the threat of climate change and support sustainable growth — is the need for rapid growth in renewable energy,” BP’s Dale said in the report.

Renewable energy, including biofuels and excluding hydro, rose by 9.7% in 2020, BP said. This was slower than the 10-year average of 13.4% year-on-year but the increment in energy terms was found to be similar to increases recorded in the years prior to the pandemic.

Solar electricity rose by record levels, however it was wind that was found to provide the largest contribution to renewables growth.

In terms of capacity, solar expanded by 127 gigawatts in 2020, while wind grew by 111 gigawatts — almost double its previous highest annual increase, BP said. “The main driver was China, which accounted for roughly half of the global increase in wind and solar capacity,” Dale said.

Reflecting on BP’s latest annual Statistical Review of World Energy, Dale said: “The importance of the past 70 years pales into insignificance as we consider the challenges facing the energy system over the next 10, 20, 30 years as the world strives to get to net zero.”

Environment

EIA: Solar and wind leave coal in the dust with record 2025 output

Published

2 hours ago

August 27, 2025

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EIA: Solar and wind leave coal in the dust with record 2025 output

A new review of US Energy Information Administration (EIA) data by the SUN DAY Campaign reveals that solar delivered almost 9% of US electricity in the first half of 2025. Wind and solar combined produced just over one-fifth of the country’s electricity, while renewables as a whole hit nearly 28%.

Solar’s record-breaking growth

EIA’s latest monthly Electric Power Monthly report (with data through June 30, 2025) confirms that solar kept its streak as the fastest-growing major source of US electricity. In June 2025 alone, solar soared. Utility-scale solar power plants cranked out 30.1% more electricity than in June 2024, while rooftop and other small-scale solar systems grew by 10.5%. Combined, solar generation jumped 25% year-over-year and made up 10.2% of US electricity that month.

Looking at the first six months of 2025, utility-scale solar expanded by 37.6%, and small-scale systems rose 10.7%. Together, they grew nearly one-third (29.7%) compared to the same period in 2024. That meant solar provided 8.7% of all US electricity in January-June, up from 6.9% the year before.

That’s a milestone: Solar is now producing almost 45% more electricity than hydropower (6.0%), and it’s generating more than hydropower, biomass, and geothermal combined.

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Wind is still a front-runner

Wind turbines supplied 11.6% of US electricity in the first half of 2025 — a 2.4% boost compared to the same time in 2024. Wind’s output was almost double hydropower’s contribution.

Wind + solar are beating coal and nuclear

Together, wind and solar accounted for 20.3% of total US electricity in the first half of 2025, up from 18.6% last year. That’s a bigger share than coal or nuclear. In fact, wind and solar generated 25% more electricity than coal and 15.6% more than nuclear over the same period.

Renewables overall are surging

All renewable sources combined – wind, solar, hydropower, biomass, and geothermal – generated 27.7% of US electricity from January through June 2025, up from 26.1% a year ago. Their output grew three times faster than total US electricity generation overall (9.2% vs. 3.0%). Renewables are now second only to natural gas, whose generation actually dropped 3.7% in the first half of the year.

Ken Bossong, executive director of the SUN DAY Campaign, added that this growth happened before the passage of the Trump/Republican “megabill,” which could slow future renewable expansion. “Nonetheless, EIA notes that US developers expect half of new electric generating capacity to come from solar in 2025 and another 13% from wind.”

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Environment

Chevy Equinox EV or the Hyundai IONIQ 5: Which makes the better lease?

Published

6 hours ago

August 26, 2025

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Chevy Equinox EV or the Hyundai IONIQ 5: Which makes the better lease?

The new and improved Hyundai IONIQ 5, or the hot-selling Chevy Equinox EV? Which electric SUV makes the smarter lease? Here’s the rundown.

Over 607,000 electric vehicles were sold in the US in the first half of 2025, thanks to some big discounts. Many automakers are currently offering generous savings, as Trump’s “One Big Beautiful Bill” is set to end federal EV incentives at the end of September.

According to Cox Automotive’s latest EV Market Monitor report, EV incentives reached a record of nearly $8,500 in June, or about 15% off the average transaction price (ATP).

That’s more than double the incentives offered on gas-powered vehicles. Seven electric vehicles had an ATP below $40,000, including the Chevy Equinox EV. The Equinox EV was the top-selling EV in the price range.

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Starting at just $34,995, GM calls it “America’s most affordable 315+ range EV.” The electric Equinox has already propelled Chevy to become the number two EV brand in the US behind Tesla.

Chevy-Equinox-EV-lease — 2025 Chevy Equinox EV LT (Source: GM)

Through the first half of the year, the Chevy Equinox EV accounted for nearly a third of GM’s electric vehicle sales. And it could have sold even more. A dealer in California reached out to Electrek, claiming they had to wait over a month to receive Equinox EV models. It’s now on track to be among the top three selling EVs in the US.

Which EV to lease: Chevy Equinox EV or Hyundai IONIQ 5

With leases starting at just $289 per month, it’s no wonder the electric SUV is flying off the lot. The offer is for 24 months with $3,909 due at signing.

Alternatively, you can opt for 0% APR financing for 60 months, which Chevy is offering on all 2025 electric vehicle models.

2025 Chevy Equinox EV trim	Starting Price	EPA-estimated Range	Monthly lease Price (August 2025)
LT FWD	$34,995	319 miles	$289
LT AWD	$40,295	307 miles	$351
RS FWD	$45,790	319 miles	$416
RS AWD	$49,090	307 miles	$453

2025 Chevy Equinox EV prices, range, and lease price (Including $1,395 destination fee)

The base 2025 Chevy Equinox EV LT starts at $34,995 with up to 319 miles of range. The interior boasts up to 57.2 cu ft of space and a 17.7″ infotainment screen.

How does it compare to the IONIQ 5? Hyundai has upgraded its best-selling electric SUV with major improvements, including increased range (now up to 318 miles), a revamped interior and exterior, and a built-in NACS port to access Tesla Superchargers.

Hyundai-IONIQ-5-lease — 2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)

After cutting lease prices again last month, the new and improved 2025 Hyundai IONIQ 5 is now listed at just $179 per month.

In some places, such as California and other ZEV states, Hyundai is offering leases starting at as low as $159 per month.

However, that’s for the base SE mode, which has an EPA-estimated driving range of 245 miles. The longer-range IONIQ 5 SE RWD, with 318 miles range, can still be leased for just $199 per month right now. Both offers are for 24 months with $3,999 due at signing.

2025 Hyundai IONIQ 5 Trim	EV Powertrain	Driving Range (miles)	Starting Price*	Monthly lease price August 2025
IONIQ 5 SE RWD Standard Range	168-horsepower rear motor	245	$42,500	$179
IONIQ 5 SE RWD	225-horsepower rear motor	318	$46,550	$199
IONIQ 5 SEL RWD	225-horsepower rear motor	318	$49,500	$209
IONIQ 5 Limited RWD	225-horsepower rear motor	318	$54,200	$309
IONIQ 5 SE Dual Motor AWD	320-horsepower dual motor	290	$50,050	$249
IONIQ 5 SEL Dual Motor AWD	320-horsepower dual motor	290	$53,000	$259
IONIQ 5 XRT Dual Motor AWD	320 horsepower dual motor	259	$55,400	$359
IONIQ 5 Limited Dual Motor AWD	320-horsepower dual motor	269	$58,100	$299

2025 Hyundai IONIQ 5 price, range, and lease price

Hyundai is also throwing in a complimentary ChargePoint Level 2 home charger with the purchase or lease of a new 2025 IONIQ 5. All IONIQ 5 trims are listed with 1.99% APR financing for up to 60 months.

The 2025 Hyundai IONIQ 5 offers up to 59.3 cu ft of cargo space with a dual 12.3″ driver display and infotainment system setup.

Both the Hyundai IONIQ 5 and Chevy Equinox EV are hard to pass up right now, with lease prices expected to be as low as they will ever be.

Looking to snag the savings while they last? You can use our links below to find offers on the Chevy Equinox EV and Hyundai IONIQ 5 near you.

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The legendary Nissan GT-R will reemerge, but Godzilla may look a little different

Published

6 hours ago

August 26, 2025

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The legendary Nissan GT-R will reemerge, but Godzilla may look a little different

Nissan has officially confirmed the icon will be making a comeback. Although Nissan is no longer building GT-R models, CEO Ivan Espinosa said Godzilla will “evolve and reemerge” in the future. Here’s what we know so far.

Nissan confirms the GT-R will evolve and reemerge

It seems like we’ve been talking about the next-gen Nissan GT-R for years now. After the last model rolled off the production line at the automaker’s Tochigi plant in Japan on Tuesday, Nissan’s CEO made it clear that the GT-R will be making a comeback.

After bidding farewell to the R35, Espinosa gave the many GT-R fans worldwide hope, saying, “I want to tell you this isn’t a goodbye to the GT-R forever.”

He added that it’s Nissan’s “goal for the GT-R nameplate to one day make a return.” Although this is the end of the line for the R35, the company remains committed to the GT-R nameplate and wants to “reimagine it for a new generation.”

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According to Espinosa, Nissan doesn’t have any finalized plans yet, but he promised that “the GT-R will evolve and reemerge in the future.”

Nissan-delays-supplier-payments — Nissan’s new N7 electric sedan alongside the GT-R (Source: Dongfeng Nissan)

Nissan says the next Godzilla will ensure the GT-R’s legacy lives on, but will pack even more performance. The big question is, what type of powertrain will it arrive with? Will it be electric? A hybrid? Or, will it still be gas-powered?

At the New York Auto Show in April, Ponz Pandikuthira, Senior Vice President and Chief Planning Officer for Nissan North America, told The Drive that the next GT-R will be a hybrid, rather than an all-electric.

However, Nissan previewed an electric GT-R a few years ago with the Hyper Force EV concept. The electric sports car concept was promoted as a “game-changing hyper EV” with over 1,300 horsepower (1,000 kW).

All that power is expected to come from solid-state batteries. Just last week, Nissan secured a partnership with LiCAP Technologies to produce all-solid-state EV batteries on a mass scale, one of the biggest hurdles to getting the new technology to market.

Nissan-GT-R-solid-state-batteries — Nissan Hyper Force EV concept (Source: Nissan)

Since Nissan aims to launch its first EV powered by solid-state batteries in 2028, we could see the GT-R reemerge as a plug-in hybrid until the technology is ready.

Either way, it will likely be a few years before we see an electrified Godzilla. If it evolves into an EV or hybrid, it remains up in the air for now.

While Nissan says an all-electric GT-R won’t deliver the performance needed to live up to the nameplate, others are proving otherwise. BYD’s first electric supercar, the Yangwang U9, set a new EV speed record this week after hitting nearly 300 mph.

How do you feel about it? Should the GT-R go all-electric? Or will Nissan settle for a hybrid? Drop us a comment below and let us know which one you’d buy.

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