World Energy Consumption to Rise 49 Percent By 2035
 - All Africa Global Media


World Energy Consumption to Rise 49 Percent By 2035

Aug 6, 2010 - All Africa Global Media

World energy consumption will increase by 49 per cent in the next 25 years, driven by rapidly developing countries such as China and India, the Energy Information Administration has said.

EIA, the statistical arm of the Energy Department, said in its "International Energy Outlook 2010" report that hydroelectric and wind power would be the two fastest-growing sources of world energy supply through 2035. Coal, oil and other fossil fuels will still provide more than 75 per cent of total global demand in the period, EIA said.

"Renewables are the fastest-growing sources of energy, but they start from a relatively low base," said Howard Gruenspecht, EIA's deputy administrator, while unveiling the report at the Center for Strategic and International Studies in Washington.

Developing nations that are not members of the Organisation of the Economic Cooperation and Development, or OECD, will account for 87 per cent of the increased energy consumption out to 2035, EIA reported. EIA estimated that oil prices, which are now hovering around $70 per barrel, would average $133 per barrel by 2035.

But, EIA cautioned that prices could soar as high as $210 per barrel or drop to as low as $51 per barrel depending on certain supply and demand factors, as well as efforts to develop ethanol and other non-petroleum biofuels. EIA forecast a similarly wide range of oil prices last year.

The global recession has broadly dampened demand and production of all energy sources in the last two years, but EIA sees both demand and consumption jumping back up to pre-recession levels by 2035. EIA's forecasts assume the US will not enact any major changes to US energy policy, such as passing the controversial energy and climate change bill currently pending in the US Senate.

The forecasts also ignore President Barack Obama's decree that the US will not approve any new offshore oil and natural drilling until authorities determine the cause of the massive oil spill in the Gulf of Mexico.