Each year the International Energy Agency (IEA) issues a special World Energy Outlook report. The 2018 edition was released earlier today. A couple of quick facts/findings from the report: (1) The United States is on track to produce half of the growth for the world’s output of oil and gas by the year 2025–just seven short years away. Incredible! The reason is, of course, the miracle of shale fracking. (2) China will surpass the entire European Union to become the world’s largest buyer of natural gas by 2040. (3) There will be a sharp tightening of oil markets in the 2020s. (4) There is no single solution to turn emissions around: renewables, efficiency & a host of innovative technologies are all required.
