Saturday, April 17, 2004

Oil Shortage Looming?

Reuters says global energy demand will rise 54 percent by 2025:

World demand for all forms of energy is expected to grow by 54 percent over the next two decades, with oil consumption alone jumping by 40 million barrels a day, the U.S. government said on Wednesday.

The U.S. Energy Information Administration's long-term forecast to the year 2025 projects the strongest growth in energy use from developing countries, especially China and India, where buoyant economies will boost demand.

Energy use in developing countries is forecast to soar by 91 percent over the next two decades, while rising 33 percent in industrialized nations.

Hubbert's Peak here we come. When will we see $7.00 per gallon gas prices?

related links:
Global energy demand to rise 54 pct by 2025-US EIA [Reuters]
Is The Oil End Game Here? [TJN, Feb. 28, 2004]
Hubbert Peak

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