America's Energy Outlook Is Bright -- and Obama Hates

American Thinker ^ | 02/12/2016 | Jeffrey Folks

[SeekAndFind]

In its annual outlook for energy report, ExxonMobil presents data that contradicts Obama's green energy utopianism.  Who has the better track record of predicting the global energy future: Obama or a private company that actually produces the stuff?

In its just published report, "The Outlook for Energy: A View to 2040," Exxon makes three key points.  First, by 2040, global energy demand is predicted to rise by 25%.  That demand must be met if living standards are to improve, and there are only three feasible ways of meeting it: fossil fuels, nuclear energy, and alternatives.  The choice of energy sources will be driven by a combination of cost and government policy.  Coal remains the cheapest source of energy for electrical generation, but its use is likely to drop after 2025 as a result of environmental policies.  Reliance on oil and natural gas, on the other hand, will continue to expand, as will nuclear energy and alternatives.

Second, the "carbon intensity" of the world's economy will drop by half.  More efficient use of fossil fuels means a savings of close to 40%, thus reducing cost and lowering carbon emissions by an equal percentage.  U.S. energy companies are producing lubricants, plastics, materials, and other products that result in lower energy usage.  Greater efficiency means lower costs, resulting in higher living standards.

Third, in 2040, oil will still be the world's leading energy source, followed by natural gas.  Together with coal, these sources will provide for 80% of the world's energy needs.  Nuclear energy, projected to double by 2040, will provide most of the remaining 20%.  Wind power will deliver a mere 2% of global energy.  Solar even less.

Fortunately, there are ample supplies of oil and gas to power the world economy well beyond 2040.

[ConservativeDude]

very longterm view....personally I don’t see oil recovering above $50 in the next three years.

hope I’m wrong, however.

i think we are in a global deflation rut.....

(everyone’s got an opinion...and that’s mine)

[DIRTYSECRET]

I am unconvinced that low energy prices are not a good thing. Makes no sense.

[LoneStar42]

We need to get past “fossil fuels”. No such thing, like “transgender”.

http://energy.usgs.gov/GeochemistryGeophysics/GeochemistryResearch/OrganicOriginsofPetroleum.aspx

[Smokin' Joe]

This isn't news, actually.

The late Dr. Michael J Economides said in 2006 at the Williston Basin Symposium in Minot that these sources would remain as listed, with renewable energy only producing a small fraction (2-3%) of the world's energy needs into the foreseeable future.

[Smokin' Joe]

I suppose you are unconvinced that low energy prices are not a good thing because you are not employed in any of the various spinoff industries nor the oil industry which recently employed more than twice as many people as it currently does.

Where I live, the impact is noticeable in every sector except local government, especially retail sales and hospitality industries.