Climate Spectator said fossil fuels will dominate our energy supply through 2040. In its latest report, the US Energy Information Administration (EIA) forecast that for the next 30 years or so the world will be relying on coal, oil, and natural gas for transportation and electricity generation.  Fossil fuels will supply nearly 80% of world energy use through 2040. China and India will be the driving force behind energy demand for the first half of this century, particularly for coal.

“Rising prosperity in China and India is a major factor in the outlook for global energy demand. These two countries combined account for half the world’s total increase in energy use through 2040,” said EIA administrator Adam Sieminski…Energy use in developing countries, for example, is projected to increase by 90 per cent by 2040, while industrialized nations will see a comparatively paltry increase of 17 per cent. By 2040, China’s energy demand is expected to be twice that of the US, the report projected

The EIA says renewable energy will supply 15% of world energy by 2040. The leading renewable energy sources will be wind in developed countries and hydropower in developing countries. The largest growth in nuclear power will take place in China, India, and South Korea, with China accounting for more than 40% of the global net increase in nuclear capacity.  See also Green Car Congress, EIA: world energy consumption to grow 56% 2010-2040.

Shale gas and oil continued to dominate the energy headlines. Breaking ENERGY wrote about How Tight Oil is Changing the Competitive Landscape, IHS said a Unique Set of Factors Combined to Make U.S. Ideal Birthplace for Shale Development as well as Shale Gas Production Stirs Up the LNG World, while The Telegraph observed that US shale threatens a Saudi Arabian funding crisis and the demise of OPEC.

AdeleaideNow reported a significant shale oil find in Australia. South Australia may be sitting on shale oil potentially worth more than $20 trillion. Brisbane company Linc Energy estimates the amount of oil in the Arckaringa Basin surrounding Coober Pedy ranges from 3.5 billion to 233 billion barrels of oil. This has the potential to turn Australia from an oil importer to an oil exporter.

Over in the Mediterranean Sea, UPI Energy Resources noted more natural gas for Israel. The latest natural gas discovery off the Israeli coast contains at least 1 trillion cubic feet. The Karish reserve area contains about 10% of the volume found at the massive Tamar natural gas field, which holds at least 10 billion cubic feet of natural gas. The Karish reserve could hold as much as  2 trillion cubic feet of gas.

With all of these new shale oil and gas and conventional natural gas finds around the globe over the past few years, the BBC turned the conversation to The receding threat from ‘peak oil.

“The era of cheap oil is over, but we’re a long way from peak oil – costs will go up but then technology will respond.”

The Economist thinks that the era of oil may be coming to an end.  Oil will Peak, but not because of declining supply, but because of declining demand as the world switches over to substitute energy sources.

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