NEW YORK — Exxon Mobil Corp. expects to see more and more hybrids on the world's roads, with gas-sipping models making up half of all vehicles by 2040.
The largest publicly traded oil and gas company Thursday released its annual energy outlook. It says the use of hybrids — vehicles that use both gas and electricity for power — and other fuel-efficiency gains will keep energy demand in check in the U.S. and other major industrialized countries for years.
Exxon predicts energy demand will be flat through 2040 in developed nations. But Exxon says China and other developing nations will increase their thirst for petroleum-based fuels. Energy demand in developing nations is expected to rise nearly 60 percent from 2010 to 2040.
Overall, gains in efficiency will cut fuel consumption and help the global economy. Exxon predicts that from now to 2040, world gross domestic production will grow 2.9 percent per year while energy demand will grow by only 0.9 percent.
Exxon expects demand for liquid fuels to rise from about 88 million barrels to 110 million barrels by 2040.