While industry and policymakers debate the best forms of energy to invest in, world demand for all of it continues to grow, according to a report released this month from the U.S. Energy Information Administration.
The Administration's International Energy Outlook 2013 found that world energy use is likely to jump 56 percent through 2040, with almost half of that increase coming from the growing economies of China and India.
“This will have a profound effect on the development of world energy markets,” EIA Administrator Adam Sieminski said.
The report shows a strong growth in renewable forms of energy, but finds that fossil fuels will continue to dominate global energy use for the foreseeable future.
“Renewable energy and nuclear power are the world's fastest-growing energy sources, each increasing by 2.5 percent per year. However, fossil fuels continue to support almost 80 percent of world energy use through 2040,” the report stated.
World use of oil and other liquid fuels is expected to grow to 115 million barrels a day in 2040, up from 87 million barrels per day in 2010.
The boost in demand is likely to fuel continued growth in the oil patch in Oklahoma and throughout North America.
To meet the projected demand, oil production must increase by 28.3 million barrels per day by 2040.
The report projected that about 60 percent of the new production will come from non-OPEC nations.
Almost two-thirds of the demand growth for oil is expected to come from the transportation sector as the demand for cars balloons, especially in China and India. Most of those cars will run on diesel or gasoline.