EIA Is Sending Mixed Messages On Fossil Fuels & Emissions
along a new railroad that will parallel the Colorado River, and the new Willow project in Alaska that will add yet another 180,000 barrels a day of oil to the nation’s oil supply.
EIA analysts also see explosive growth in clean energy and clean electricity in the decades to come. The EIA report forecasts rapidly falling CO2 levels largely thanks to declines in coal production and large growth in renewable energy production “in all regions of the United States.” It also expects that technological changes such as more heat pumps in homes and more electric vehicles on the road will drive the overall energy industry towards cleaner energy.
S&P thinks global demand for oil will peak around 2031, but instead of plunging as some expect, demand for oil will more likely stay close to peak levels for years, maybe decades it says. That’s because it will take a long time to transform mature infrastructure not easily replaced without permitting fights and layers of opposition. Developing nations will adapt more slowly and burn more fossil fuels as they grow.
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