Staff Reports
In a report released today, Exxon Mobil warned that investments in new gas and oil production are needed to meet the world's energy needs for the next decades. Despite the increasing number of alternative energy sources, such as solar and wind, the report noted that fossil fuels will still remain a vital part of the global energy mix for many years to come.
In 2050, the report noted that solar and wind power will only account for 11 percent of the world's energy supply. On the other hand, natural gas and oil are expected to supply over half of the world's energy needs.
This report emphasizes the distinct attributes of natural gas and oil, describing them as energy-dense, portable, and inexpensive. It goes on to say that these materials are essential raw materials for a wide range of products currently being used. Despite the need to reduce greenhouse gas emissions, this report argues that fossil fuels remain the most effective means of meeting the world's energy needs.
Despite the carbon-cutting push, oil and gas will continue to be a critical part of the world's energy mix for decades to come, according to an ExxonMobil report, which warns that significant investments are needed to offset declining rates of production. https://t.co/2bUYKIZ25u
— The Epoch Times (@EpochTimes) August 29, 2023
Despite the efforts of the Biden administration and other policymakers to transition away from fossil fuel consumption, the report noted, that the lack of sufficient investment in new gas and crude production could threaten the world's economy and human development. Despite this, oil will still remain an important component of the global economy as it supports various industries such as aviation, shipping, and long-haul trucking.
The report also noted that the world's population and economic growth are expected to drive up energy demand. This will be especially true in developing countries such as the Middle East and Africa. According to the report, failing to meet these growing energy demands could prevent these regions from achieving their goals and reducing the quality of life for their citizens.
Wind, solar, nuclear, and hydrogen are expected to play a significant role in meeting the energy needs of the world in the future. Although it recognizes the need for more sustainable energy sources, Exxon Mobil noted that natural gas and oil will still remain vital to the global energy mix. The company also noted that investments in new energy production are needed to ensure that the world's supply is stable and affordable.
