In its annual outlook for energy report, ExxonMobil presents data that contradicts Obama’s green energy utopianism. Who has the better track record of predicting the global energy future: Obama or a private company that actually produces the stuff?
In its just published report, “The Outlook for Energy: A View to 2040,” Exxon makes three key points. First, by 2040, global energy demand is predicted to rise by 25%. That demand must be met if living standards are to improve, and there are only three feasible ways of meeting it: fossil fuels, nuclear energy, and alternatives. The choice of energy sources will be driven by a combination of cost and government policy. Coal remains the cheapest source of energy for electrical generation, but its use is likely to drop after 2025 as a result of environmental policies. Reliance on oil and natural gas, on the other hand, will continue to expand, as will nuclear energy and alternatives.