Exxon Mobil released its annual energy outlook and says America’s domestic resources will be key in supporting the world’s growing demand for energy. Exxon reports that as the world’s population expands and living standards improve, the world will need more energy, even as we learn to use energy more efficiently.
Driving the surge in global demand will be developing economies in Latin America, China, India and Africa. These countries are expected to use more power to grow their commercial and industrial sectors and improve their citizens’ standards of living.
ExxonMobil Vice President of Strategic Planning Bill Colton says electricity will remain the largest draw on energy. Colton says even rapid moves in making buildings and appliances energy efficient won’t be enough to curb demand.
By 2040, coal, oil and natural gas will make up nearly 80 percent of the world’s energy portfolio. Renewable sources – while the fastest growing – will only be a minor piece of the puzzle, making up roughly four percent of the mix.
“After 2030, we see global coal demand declining for the first time in modern history,” Colton said.
Here’s a look at some of the other findings in Exxon’s report:
- Demand for oil and other liquid fuels will rise by nearly 30 percent, most of that due to transportation
- Natural gas will continue to be fastest-growing major fuel, with demand increasing by about 60 percent from 2010 to 2040
- Gas from shale and other unconventional rock formations will account for 30 percent of global gas production by 2040
- Advanced hybrid vehicles will account for 50 percent of the cars people will drive in 2040, compared to about 1 percent today
- Demand for energy for commercial transportation – trucks, airplanes, ships and trains – will rise by more than 70 percent.
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