ExxonMobil Energy Report: Diesel Fuel Will Overshadow Gas, CO2 Emissions to Drop 20 Percent
March 12, 2013 11:46 AM
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These are just a couple of figures in ExxonMobil's insight through 2040
said it plans to invest $185 billion in energy projects over the next five years, and has given its insight on what the future of energy looks like through 2040.
ExxonMobil has released its report, "The Outlook for Energy: A View to 2040," which takes a look at some
and predictions for the coming decades.
The report sees the global population increasing from 7 billion people today to about 9 billion in 2040. With this population bump, energy demand will grow 35 percent worldwide (65 percent in developing nations alone compared to 2010).
The report said automotive technology like hybrid cars are expected to keep global personal transportation energy demands steady for the most part. By 2025, it sees full hybrid prices coming down and these types of vehicles accounting for 40 percent of the global vehicle fleet by 2040. However, plug-in hybrids and electrics will likely only make up five percent of the market by 2040.
Vehicles will move away from gasoline as the No. 1 transportation choice thanks to tech like light-duty engine efficiency, and see an increase in diesel fuel instead. In fact, diesel will make up 70 percent of fuel demand growth through 2040.
in OECD countries will be 20 percent lower in 2040 than 2010.
Also due to the population increase, electricity generation will be in great demand over the decades. In fact, ExxonMobil says it will account for more than half of the increase in global energy demand (electricity demand alone will grow 85 percent from 2010 to 2040). Electricity and natural gas will account for more than 60 percent of the world's residential/commercial energy demand by 2040 as cleaner fuels are used.
Oil will remain the No. 1 global fuel while natural gas steals coal's spot for second place. The report said coal will peak, and then decline as nuclear power and renewable energy grows. Oil and gas will supply about 60 percent of the global energy demand in 2040 (a 55 percent increase from 2010).
At 2040, North America will likely go from net importer to net exporter of oil. With growing demand and an evolving energy landscape, more global trade opportunities will arise.
A couple of other highlights include a 50 percent increase in energy demand for chemical production, and nuclear/natural gas generation in non OECD countries will increase by 150 percent.
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RE: Sooo then...
3/12/2013 3:06:25 PM
According to the article, America currently imports more oil than it exports, so the price at the pump is governed to some extent by the strength of the American dollar. If the American dollar continues to weaken, then even if everything else remained equal the price you pay at the pump in America would rise. The oil companies aren't responsible for this.
There is a belief that world wide oil production peaked about the year 2000, meaning world wide production is now declining, so expect the price of oil to increase even more. You can argue all day as to how much the oil companies are responsible for this, but the cheap to access oil is pretty much gone, leaving just the expensive stuff, meaning the oil extractors just won't sell their oil to those wanting to pay cheap prices.
Add to all this the fact the human population is expected to increase by roughly 30% by 2040, meaning increased demand.
If the value of the currency where you live declines in value compared to the rest of the world, then you will pay even more than if the value of your currency remains strong, but regardless the price for oil based products will increase.
RE: Sooo then...
3/12/2013 4:55:34 PM
Peak oil is not real. The concept is real, but the reality is not. Not yet anyway.
"So if you want to save the planet, feel free to drive your Hummer. Just avoid the drive thru line at McDonalds." -- Michael Asher
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