Oil Become Energy King Again

OPEC says that the world will need more and more oil. It forecasts that oil demand will reach close to 123 million barrels a day in 2050, up from 104 million last year. The primary reason is that oil will continue to provide over 30% of all the world’s energy for decades.

According to The Wall Street Journal, “With the exception of coal, demand for all major energy sources is set to rise through 2050, with the largest increases coming from renewables–mainly wind and solar-and natural gas.” Despite the statement, coal use could rise in the US if renewables cannot provide enough energy for AC and AI server farms. Additionally, China continues to use staggering amounts of coal, as does India.

An $18 Trillion Need

The Journal also points out that producing the necessary oil supply could cost $18 trillion. The world’s largest oil companies have access to the necessary investment, as do some nations, including Saudi Arabia

The news is another reason to believe that the energy sector may do little to improve global warming, as scientists hope it would. Instead, the oil industry will make the problem worse.

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