Almost 11 billion people will be living on Earth by 2100, according to a UN report. Poor countries will see the fastest growth in population, such as Sub-Saharan Africa where the population will quadruple by 2100. The current global population is 7 billion.
China is about to surpass the US as the world’s biggest importer of oil this fall according to forecasters at the US Energy Information Administration. China’s crude oil consumption is expected to increase to nearly 13 million b/d next year, a 13% increase from 2011 levels.
OPEC predicts global oil demand growth in 2014 will be unchanged as the global economy continues to struggle. Increasing output from countries outside OPEC means OPEC’s output will fall 600,000 b/d to 29.7 million b/d. North America’s shale oil boom is insulating the world from steep crude oil price spikes.
US. crude oil production in July increased to 7.5 million barrels per day, the highest level in more than 20 years, the Energy Department said.
Analysts at Citi think the world’s demand for crude oil could peak in a few years at around 92 million barrels per day — as long as vehicle efficiency for cars and trucks keeps improving by about 2.5 percent per year. This is contrast to BP which expects global oil demand to keep growing from 89 million barrels per day today to around 104 million barrels per day by 2030.
The world’s richest nations, moving to combat global warming, are cutting government support for new coal-fired electric power plants in developing countries.
Australia is forecast to surpass Qatar as the world’s largest exporter of LNG (liquified natural gas) by the end of this decade.
The cost of moving LNG(liquified natural gas) from the US into foreign markets has been estimated at $6/Million BTUs, and in 2012 the differential between US natural gas and LNG in Japan was $14/Million BTUs. The differential between the US and European markets was above $8/ Million BTUs. These differentials provide a compelling economic case for LNG exports.
The US Environmental Protection Agency said it would propose for the first time lowering the mandated consumption of corn ethanol used in motor fuel.
In 2012 ethanol consumed 43% of US corn crop production, up from 31% in 2008-2099, the first year of mandated gasoline blending, according to a study by Iowa State University. That is, for every 10 ears of corn grown, ethanol now takes more than 4 of them, due mostly to the US government requiring fuel refiners to buy them. Last year 4.55 billion bushels of corn was used to produce 13.33 billion gallons of ethanol. The US government has mandated the use of 13.8 billion gallons of corn-based ethanol in 2013.
The US state of California’s wholesale electricity prices surged by 59% in the first half of 2013, largely due to the shut down of the San Onofre nuclear reactor in 2012 with the discovery of steam leaks.
The Renewable Energy Foundation says the UK National Grid paid out £50 million in the past year to Scottish wind companies to stop producing electricity because there is limited network capacity on the grid between Scotland and the rest of Britain creating a supply bottleneck. Last weekend alone UK householders handed £3.1million to energy firms for doing absolutely nothing as up to 30 wind farms were paid to shut down.
Wind energy became the leading source of new electricity generation in the US. in 2012, according to a new report from the Department of Energy. Wind accounted for 43% of new electricity generation in 2012.
The world’s second-largest offshore wind farm, capable of generating enough electricity to power over half a million homes, was opened officially off England’s east coast. The 500 megawatt Greater Gabbard wind farm off the Suffolk coast has 140 wind turbines. Last month the UK opened the world’s largest wind farm, the 630 MW London Array project, also off the south-east coast. The UK government says offshore wind could provide enough power for 11 million homes by the end of this decade.
with h/t Tom Whipple
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