IEA World Energy Outlook 2017 – U.S. Becoming Energy Dominant

Each year the International Energy Agency (IEA) issues a special World Energy Outlook report. The 2017 edition was recently published. This latest edition of the Outlook says the global energy market will be completely reshaped over the next 25 years by four main forces: (1) the U.S. (because of shale) will become THE global oil and gas leader; (2) the cost of renewables will fall, meaning we’ll see more renewable energy; (3) electricity’s share of the energy mix will grow; and (4) China is going greener. We don’t know about that last one. Ever visited Beijing? Don’t go outside without a gas mask–the pollution is so heavy you literally can’t breathe. Anywho…Perhaps the biggest force is the first one. In addition to leading the world in oil and gas production, the U.S. will become the world’s largest LNG exporter in the next few years–by the mid-2020s according to IEA. That changes everything. Even with the rise of natgas (via LNG) and renewables over the next few decades, IEA says it’s still too soon to hold a funeral for oil. Global oil demand will continue to grow year in and year out through the forecast period (all the way to 2040). Tell us again, green Nazis, how renewables will take over the world within a generation. (We just picked ourselves up off the floor from laughing so hard.) Oil and natural gas are the primary sources of energy for the world, and they will be after everyone reading this is long dead…

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