Despite predictions in the mainstream media that oil demand will shrink at a fast pace in the next few decades, there’s reason to believe that demand for liquid hydrocarbons will remain firm
“Investments in combating climate change can be done constructively, but all too often we overlook the consequences of driving up energy costs and driving down energy reliability. These costs are borne disproportionately by lower income folks, who require modern energy to access clean-cooking fuels, easy access to drinking water, sanitation, education, etc.”
When I am making a wide-ranging point, I like to have corroboration from another independent source. In this case, I turn to OPEC’s monthly report, on the assumption they know a thing or two about the future of fuels. Below is their estimate for petroleum-based fuels through 2045. It seems even more conservative than the EIA estimate above, as only about 15% growth is anticipated.
Returning to the EIA, and converting energy to quadrillions of British Thermal Units-BTU’s, we see that oil and gas are projected to provide ~75 of the 118 quadrillion BTU’s of energy supplied annually to meet global needs. About 63% of global energy requirements will be met by petroleum sources, a figure which includes about a ~2% shift to biofuels.
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