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Global Energy Demand Will Grow 53 Percent by 2035

Global Energy Demand Will Grow by 53 Percent By 2035The US Energy Department’s Energy Information Administration (EIA) has released its latest global projections and the headline numbers are not terribly surprising. The agency expects energy use to rise by 53 percent by 2035 and that the two most populous countries in the world, China and India, will account for 31 percent of all energy consumption by then. China alone will consume 68 percent more energy than the US by 2035.

The International Energy Outlook 2011 projects that the developed countries of the Organization for Economic Cooperation and Development (OECD) will account for 18 percent of the demand for more energy by 2035. The developing world will consume the rest. The EIA’s annual Outlook is based on a reference case that does not include the effects of political prospective legislation or policies that could affect energy markets.

Currently, the compound annual energy demand growth rate is 1.6 percent. The EIA expects the average price of a barrel of crude to be $100 by the end of this year, rising to $108/barrel by 2020 and $125/barrel by 2035.

At current pump prices for gasoline, US drivers are already paying the equivalent of $109/barrel, the price for Brent crude (the biggest of the major classifications of crude oil). According to 24/7 Wall St., the $85/barrel price for US-produced West Texas Intermediate (WTI) is an essentially meaningless number. They argue that, for the EIA to continue to use the WTI price as its benchmark, they are creating a distorted view of the crude oil market as it is now and as it will become over the next several years.

The fastest growing fuel source will be renewable energy, which the agency expects to grow at an annual rate of 2.8 percent and supply 15 percent of total demand in 2035. Fossil fuels will supply 78 percent of demand in 2035. Demand for liquid fuels for transportation grows by 1.4 percent annually and accounts for 82 percent of total projected growth in liquid fuel consumption.

According the the EIA report, among renewable sources of energy, hydropower and wind are projected to increase the most by 2035. Hydropower development will increase in the developing world, but in the richer countries wind is expected to carry more of the load.

Natural gas is the world’s fastest-growing fossil fuel, and consumption is expected to grow at an average rate of 1.6 percent, but by 2.2 percent annually in developing countries. That provides some quantities of natural gas for export to developed countries. Global consumption of natural gas is expected to grow from 110.7 trillion cubic feet in 2008 to 168.7 trillion cubic feet in 2035, a jump of nearly 53 percent.

There are hundreds, if not thousands, more facts included in the Outlook, but the outline for the future is straightforward. Developed nations will consume less energy as their economic growth slows; developing nations will consume more as their economies expand. Whether the two worlds collaborate or obstruct one another remains to be seen.

Read the EIA’s full report here.

(Paul Ausick/Becket Adams—24/7 Wall St./The Blaze)

Comments (10)

  • rockislotis
    Posted on September 20, 2011 at 10:35pm

    Time to bring back those colorful hats with propellers on top.

    Report Post »  
  • Chuck Stein
    Posted on September 20, 2011 at 8:10pm

    A piece of thorium the size of a marble can supply all of the energy requirements for the LIFETIME of an American. Thorium is currently seen as nothing more that a byproduct of mining for rare earth elements. The technolgy has been around (American-developed) since the 1960′s. For more info, check out:
    http://energyfromthorium.com

    Report Post »  
  • GMI
    Posted on September 20, 2011 at 4:44pm

    Anyone noticing how China is gobbling up as many natural resources as they can. The supply will fall far short of demand, which means countries which have a huge ( read China) demand will do whatever they need to get it. Force will be used to obtain energy supplies, and when global powers cannot obtain what they need, war is unavoidable. It will happen long before 2035, try 2020. Buckel up.

    Report Post »  
  • MUDFLAPS
    Posted on September 20, 2011 at 9:09am

    yeah so what! maybe by then we will have a president that will let us drill on our own land, that is unless the chinese decide to. Im sure this joker would gladly let the chinese or Chavez come over and drill in Wyoming if they want to. hell hes giving everything else away.

    Report Post »  
  • dizzyinthedark
    Posted on September 20, 2011 at 7:23am

    We ‘turn a blind eye’ to the power companies replacing our analog meters with GE Smart Meters, telling us these meters will save us in the long run! Hogwash! These meters pulse every 30 seconds reading our energy usage more efficiently than the old meters, so in effect we pay more now than before! Besides, in order for power companies to take more advantage (make more $$) of wind and solar usage, they are buying into the Smart Grid needed to run the SM, wind, solar and electric cars designed by companies such as Silver Springs (one of many). Unfortunately the Smart Grid is years away from being implemented, so the meters on our homes, radiating us with pulsed radiation, is putting the cart before the horse, but in the meantime the power companies are making a bundle! When the SG goes into effect they will be making more! The SG opens us up to cyberwarfare like we’ve never seen–all our power can be shut down!

    Report Post » dizzyinthedark  
  • Gonzo
    Posted on September 20, 2011 at 7:21am

    Better build a bunch of windmills Obama. Hey, that might be your next career move after 2012 Barry, your hot air could keep them all spinning!

    Report Post » Gonzo  
  • Salamander
    Posted on September 20, 2011 at 1:45am

    Wow, We’ll need a lot of hot air to spin the wind turbines! I wonder if our Congress will be up to the task? Hmmm, here in Virginia, two nuclear sites, 4 NPPs in all, provide for 1/3 of our present electricity needs. 1/2 of that production was taken offline after the Louisa earthquake. Fortunately, despite the fact that the earthquake exceeded design specs, the plants have been examined and are determined to be unharmed. Additional backup battery and standby power is recommended, which is prudent. I can’t wait until this source of power is back online, to help keep our electricity bills affordable!

    Report Post »  
    • A Doctors Labor Is Not My Right
      Posted on September 20, 2011 at 1:54am

      There’s no such thing as “global energy demand”. There is only individual demand for energy available from those individuals who own the supply of energy and are willing to sell. Anything else is tyranny.

      Report Post »  
    • the hawk
      Posted on September 20, 2011 at 3:56am

      Ah yeah !
      is it just me or is this site starting to feel like alex jones is running it ?
      Gonna have to get me some beck tv !

      Report Post »  

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