Renewable energy and electric vehicles have made significant progress in the last decade. Putting aside any political or climate change debates, the future appears bright for the further advancement of clean technology. However, even with this progress, we should not lose touch with the reality that oil and natural gas will continue to be the source that fuels energy consumption for the foreseeable future.
The Energy Forecast
The U.S. Energy Information Association (EIA) in their "International Energy Outlook 2019" forecast that from now until 2050, the use of renewable sources of energy will grow, but oil and natural gas will too. The EIA report estimates that overall energy consumption will increase by 50% by 2050 with oil consumption increasing by more than 20% and natural gas consumption growing by more than 40%. The report shows that these increases will come largely from countries which are not members of the Organization for Economic Cooperation and Development (OECD).
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Source: Motley Fool
(November 23, 2019 - 9:15 AM EST)
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