The last thing we need right now is another oil boom.
That’s the takeaway from an Energy Information Administration report that found the global oil and natural gas industry is in a robust recovery.
The U.S. has been burning through oil and other natural gas at an unprecedented rate, and the world is now producing about twice as much oil and nearly twice as many natural gas as it did before the shale revolution.
This trend is expected to continue, according to the report, which found that by 2030, global production of crude oil and refined products is expected not to exceed about 2.5 million barrels per day.
That will be well short of the record of 4.7 million bpd of oil and more than 3 million bd of gas that the United States produced in 2011.
But it’s not just about the production numbers.
The EIA report says the boom is being fueled by oil and mining activity that has risen rapidly over the past few decades.
The report notes that the U.K., Germany, and Norway are producing a lot more natural gas than the U and Canada, while Saudi Arabia and Venezuela are making up for the shortfall by drilling in shale formations and exploiting the country’s vast reserves of natural gas.
“As a result of the increased production of natural resources, energy demand in the United Kingdom has grown at a more rapid rate than in any other country,” the report reads.
“At the same time, the world has experienced a dramatic increase in the amount of electricity that has been generated.
This has led to the rise of carbon emissions, particularly from the burning of coal and oil.”
The report cites three reasons for the boom: a boom in domestic oil production; increased domestic natural gas production; and new, cleaner energy sources like wind and solar.
While natural gas is the primary fuel of our transportation, wind and sun power are also making a comeback, and it’s becoming increasingly cheaper to generate electricity from renewable sources.
It’s also a good thing that renewable energy is becoming more affordable as we age and the cost of solar panels falls.
But while natural gas remains the dominant fuel, there’s a lot of other energy that’s coming on line in the future, and we’re still in a transition phase of renewables, the report notes.
We’re going to be relying on energy sources that we can build on our own, and there are a lot that are less expensive, more flexible, and have a lot less impact on climate than fossil fuels.
It is also a really exciting time to be a citizen of the 21st century.
If you have a car and want to save money, you can put a solar panel on your roof, buy a home battery, and then drive your electric car when it’s off the grid.
The Energy Information Agency also says that the number of people with a household electric bill has doubled in the past decade, and that more than half of Americans have electric cars.
The EIA study is the latest in a long line of research about the future of energy.
But even with the report’s gloomy prognostications, it seems to be an accurate reflection of the current state of the oil industry and the global economy.
“As oil producers around the world continue to ramp up production, a combination of a stronger dollar and a strengthening economy are pushing prices down,” the EIA wrote.
“The world’s most important energy resources are under pressure, but they have the potential to become even more important.
The future is bright, and energy companies around the globe will have to adapt to that future.”