LONDON – A global energy watchdog says it expects the U.S. to become the undisputed world leader in oil and gas production after a resurgence in its industry to meet growing demand.
The report from the Paris-based International Energy Agency also predicts that solar power will become the cheapest source of new electricity generation and that the boom years for coal are over.
In what could come as grim news for officials attending global climate talks in Bonn, Germany, the IEA expects oil demand to keep rising until 2040. Natural gas use will grow quickly, by 40 per cent by 2040.
IEA Executive Director Fatih Birol said “it is far too early to write the obituary of oil, as growth for trucks, aviation, petrochemicals, shipping and aviation keep pushing demand higher.”