Natural Gas to Be Second Most Used Fuel by 2040
ExxonMobil has said that although oil will continue to be the most widely used fuel, natural gas is expected to overtake coal by 2025 as the second most used fuel.
Outlook for Energy: A View to 2040, which was released last week, Exxon projects that global energy demand in 2040 will be approximately 35 percent higher than in 2010. “Future energy needs will be supported by more efficient energy-saving practices and technologies, increased use of less-carbon-intensive fuels such as natural gas, nuclear and renewables, and the development of unconventional energy sources that were previously inaccessible without technology advances.”
The report further adds that new technologies will continue to be key to development of reliable and affordable energy. “Demand for natural gas will increase by about 65 percent through 2040, and 20 percent of global production will occur in North America, supported by growing supplies of gas from shale and other unconventional sources.”