Dr. Conca reports that the largest fossil fuel company in the world predicts our energy mix will not change a whole lot over the next 25 years. In fact, Exxon Mobil projects that oil and gas will actually increase by 2040. This unfortunate future stems from the age-old conundrum of trying not to eat sugar when your pockets are full of candy. The Earth has so much fossil fuel, and it has become so cheap to extract it, that it defies logic to think that humans will not keep burning it as their main source of energy. The continued low oil prices are a case in point. Oil prices will remain well below $70 per bbl for many years, and natural gas prices will stay below $4 per mmcf for decades. Even coal is cheap. And because coal is the easiest energy source to use without much infrastructure, coal is still the choice for developing countries, climate change notwithstanding.
So America and Europe can attempt to decrease fossil fuel use all they want, this strategy seems to be going nowhere globally. Today, the energy landscape is (from most to least) ... 1) oil, 2) coal, 3) gas, 4) hydro, 5) nuclear, 6) renewables By 2040, the energy landscape will be (from most to least) ... 1) oil, 2) gas, 3) coal, 4) hydro, 5) nuclear, 6) renewables Notice the difference?
Original URL: https://www.forbes.com/sites/jamesconca/2016/01/27/oil-gas-set-to-increase-globally-by-2040/#698e572f2103
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