Energy Economics

             1.Predictions included in the International Energy Outlook 2007
             The International Energy Outlook 2007 (IEO 2007) forecasts a significant increase in the worldwide energy consumption over the next 20 years. Thus, according to IEO's projections, the energy use will increase by 57% from 2004 to 2030. Yet, despite the overall ascending trend, the report emphasizes the difference existing between OECD and non-OECD countries. Hence, if the former category boasts a more mature economy with a well established infrastructure and a relatively slow population growth, the latter accounts for a considerable slice of the world energy use because of its high economic and demographic growth rate (http://www.eia.doe.gov/oiaf/ieo/world.html).
             Consequently, if the OECD region will have an average annual rate of 0.8% in terms of energy consumption, the non-OECD one is expected to reach an average of 2.6% per year. The main culprits for such gap are said to be China and India which are ranked among the world's most prominent consumers. Yet, they are not the only actors that bare the burden of high consumption as regions like Central and South America, Middle East and Africa and non-OECD Europe and Eurasia join them with annual average rates of 2.4%, 2.3%, 1.4%, respectively (http://www.eia.doe.gov/oiaf/ieo/world.html).
             In terms of energy resources, IEO's forecast looks quite pessimistic as consumption continues to rely heavily on scarce resources. Thus, fossil fuels continue to account for an impressive part of the estimated increase, liquids are said to ensure the largest share of energy use (even though this is expected to decrease because of the more expensive oil) and to represent the most significant fuel for transportation, natural gas is expected to become more important due to the increase in oil prices while coal will turn into an attractive resource for those countries having access to it (http://www.eia.doe.gov/oiaf/ieo/oi...

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Energy Economics. (1969, December 31). In MegaEssays.com. Retrieved 11:29, March 28, 2024, from https://www.megaessays.com/viewpaper/202848.html