Demand for Energy
Demand for Energy The Energy to Keep Up

The world is experiencing an unprecedented economic explosion. As we move into the new economy of the 21st century, this success is fueling a huge surge in global energy demand. Consider the following:
  • The world’s population is growing at a rate of 1% per year and is projected to reach 8.2 billion by the year 2030. 94% of this growth is going to come from developing countries.

  • More motor vehicles will be sold over the next 25 years than have been sold throughout the entire history of the automobile industry.

  • In China and India, the world’s largest and fastest growing economies, the demand for electricity, cars, and consumer goods is having a profound impact on the world’s energy balance.

The steady rise in global energy demand is projected to continue long into the future. And it’s highly likely that this demand will be met by mainstream energy sources like oil, coal, and natural gas. Even into 2005, fossil fuels still accounted for 81% of the world’s total primary energy supply.

Today’s price volatility is largely due to an imbalance between constraints on available refining capacity and the world’s demand for oil. The world currently consumes about 85 million barrels of oil per day. By 2030, global energy demand is projected to reach approximately 115 million barrels a day.

These numbers are leading to the world’s first ever demand-based energy shock. And while high demand keeps the price of oil and other fossil fuels at a premium, it is also becoming a key driver in the global shift to alternatives.
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