“The October Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue to affect these patterns in the future. This STEO assumes U.S. gross domestic product (GDP) declined by 4.4% in the first half of 2020 from the same period a year ago. It assumes that GDP will rise beginning in the third quarter of 2020, and will grow 3.5% year-over-year in 2021.”
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