partlycloudy
Thursday November 23rd, 2017 11:55AM

US oil and gas 'resurgence' expected as global demand grows

By The Associated Press

LONDON (AP) — Oil will continue growing as a source of energy for over two decades, with the U.S. set to become the undisputed leader in crude and gas production, the International Energy Agency said Tuesday.

The report from the Paris-based agency will come as grim news for officials attending global climate talks in Bonn, Germany, as they grapple with ways to contain carbon emissions. Scientists just this week said that emissions of the heat-trapping gas rose this year after three years of not growing.

The IEA said oil production will be driven by continued growth in energy-hungry industries. Though solar power is set to become the cheapest source of new electricity generation and the boom years for coal are over, oil and gas will continue to meet the bulk of the world's energy needs, the IEA said.

Oil demand is forecast to keep rising until 2040, with natural gas growing by a sharp 40 percent.

A more widespread use of electric cars will not be enough to consign oil to the past, said IEA Executive Director Fatih Birol.

"It is far too early to write the obituary of oil, as growth for trucks, petrochemicals, shipping and aviation keep pushing demand higher," said Birol.

Total energy demand is expected to have grown by 30 percent by 2040 — and would be growing twice that without efforts to improve energy efficiencies.

The price of oil has risen over 30 percent since June to a two-year high of around $57 a barrel in New York trading amid evidence of stronger economic growth around the world. But analysts expect the price to not rise much further in coming months as the U.S. ramps up production.

The IEA echoed that view, saying it expects the U.S. to see a resurgence in its oil and gas industries and become the world's biggest net exporter by the end of the 2020s. Asian countries will become the biggest net importers of oil and gas, taking in 70 percent of imports by 2040 as their economies expand at a fast clip.

Environmental activists decried the IEA forecasts as discounting any efforts by countries to limit emissions as part of the Paris Agreement on climate change.

"None of its core scenarios for the future of energy provide a reasonable chance that the world will avoid climate catastrophe," said Adam Scott, senior advisor at Oil Change International.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Industries, AP Business - Utilities
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US oil and gas 'resurgence' expected as global demand grows
A global energy watchdog says it expects the U.S. to become the undisputed world leader in oil and gas production after a resurgence in its industry to meet growing demand over the next two decades
5:16AM ( 7 minutes ago )
Samsung worker killed by brain tumor wins compensation case
Overturning an appeals court's decision, South Korea's Supreme Court says the family of a Samsung worker who died of a brain tumor should be eligible for state compensation for an occupational disease
5:07AM ( 16 minutes ago )
Rescuers search debris after Iran-Iraq quake killing 430
Rescuers are digging through the debris of buildings felled by an earthquake that killed more than 430 people in the border region of Iran and Iraq
5:06AM ( 17 minutes ago )
Associated Press (AP)
Boeing inks $1.3B Ethiopian Airlines deal for 777 freighters
Boeing Co. has inked a deal to sell four 777 freighters to Ethiopian Airlines, a purchase valued at $1.3 billion
4:12AM ( 1 hour ago )
GOP bill aimed at overhauling taxes to get Trump push
As Republicans stake their claim to middle-class rescue in tax cut legislation deemed to carry tax hikes for millions, President Donald Trump plans an in-person appeal to lawmakers as the proposal faces a crucial vote in the House.
3:53AM ( 1 hour ago )
Raiders mark new chapter with Vegas stadium groundbreaking
The Oakland Raiders have broken ground on a new stadium in Las Vegas, just across the freeway from the city's world-famous casinos
3:49AM ( 1 hour ago )
AP Business
UN agency report shows Iran meeting nuclear commitments
A new review by the United Nations agency monitoring Iran's compliance with a treaty that restricts its nuclear activities has not identified any violations by Tehran
5:47PM ( 11 hours ago )
Protesters disrupt US fossil-nuclear event at climate talks
Protesters drown out speeches by White House advisers and business representatives Monday at an U.S.-sponsored event promoting the use of fossil fuels and nuclear energy
5:09PM ( 12 hours ago )
Trump turns to drug industry for his new health secretary
President Donald Trump picks former top drug company and government executive to be his next health secretary
3:46PM ( 13 hours ago )
AP Business - Industries
Abu Dhabi oil company to put fuel stations on stock market
State-run Abu Dhabi National Oil to put minority stake in its gas station subsidiary up on local stock market
2:45AM ( 1 day ago )
Frustration sets in after coal mine health study suspended
Some people living near mountaintop coal mines in West Virginia are frustrated the Trump administration has suspended the latest federal study on the health impact of surface mining in Appalachia
9:50AM ( 2 days ago )
Tax split between House, Senate poses a big challenge
Split between House, Senate on tax poses political challenge
3:58PM ( 3 days ago )
AP Business - Utilities
Samsung worker killed by brain tumor wins compensation case
Overturning an appeals court's decision, South Korea's Supreme Court says the family of a Samsung worker who died of a brain tumor should be eligible for state compensation for an occupational disease
5:07AM ( 16 minutes ago )
Rescuers search debris after Iran-Iraq quake killing 430
Rescuers are digging through the debris of buildings felled by an earthquake that killed more than 430 people in the border region of Iran and Iraq
5:06AM ( 17 minutes ago )
Trump hopes swift return of UCLA players detained in China
President Donald Trump says he's hopeful that three UCLA basketball players detained in China will be allowed to return home soon
4:56AM ( 27 minutes ago )
Trump heads home after 'tremendously successful' Asia trip
President Donald Trump is heading home following an extensive tour of Asia that he says has been "tremendously successful."
4:53AM ( 31 minutes ago )
Trump Jr. messaged with WikiLeaks during 2016 campaign
President Donald Trump's oldest son has released a series of direct messages he received from the Twitter account behind the WikiLeaks website
4:50AM ( 33 minutes ago )