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Oil squeeze coming in the years ahead

27 Sep

Did you know that China’s energy demand is set to grow so dramatically over the next 25 years that its consumption is expected to be 68 percent higher than that of the U.S.?

World Energy ConsumptionThat was only one of the findings of the U.S. Energy Information Administration (EIA). In its new International Energy Outlook 2011, the EIA reports that throughout the world, energy consumption is expected to rise by 53 percent from 2008 through 2035, driven by robust economic growth and expanding populations in the developing countries.

The EIA estimates growth to be relatively flat for OECD countries, which are generally the more advanced energy consumers. In contrast, non-OECD—emerging countries—are expected to expand by an average of 2.3 percent per year. Led by China and India, non-OECD Asia is expected to grow the most, rising 117 percent from 2008 to 2035. By 2035, China and India are expected to consume 31 percent of the world’s energy.

World Energy Consumption by Fuel

In terms of fuel type, liquids remain the world’s “monster energy drink” through 2035. The category includes petroleum, natural gas liquids, ethanol, biodiesel, coal-to-liquids and gas-to-liquids, and as you can see, the gap narrows between liquids and coal, but coal remains the second energy source to power the world.

Although demand for liquids is set to remain high, supply may be harder to come by. Take oil for example, as countries around the world are reporting numerous shortfalls.

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