article thumbnail

EIA expects record global petroleum consumption in 2024, with lower crude oil prices

Green Car Congress

EIA expects crude oil prices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. US oil production is the largest source of production growth in the forecast, but that growth remains uncertain because of relatively low capital investment from oil producers, EIA noted. Forecasts Market Background Oil

article thumbnail

BNEF: Oil price plunge to have only moderate impact on low-carbon electricity development, but likely to slow EV growth

Green Car Congress

The collapse in world oil prices in the second half of 2014 will have only a moderate impact on the fast-developing low-carbon transition in the world electricity system, according to research firm Bloomberg New Energy Finance. However, the slump in the Brent crude price per barrel from $112.36 For example, if lower oil prices last, they are likely to slow the growth of the electric vehicle market, to some extent.

2014 228
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

BP Statistical Review finds global oil share down for 12th year in a row, coal share up to highest level since 1969; renewables at 2%

Green Car Congress

Oil remains the world’s leading fuel, but its 33.1% Coal’s market share of 30.3% Oil demand grew by less than 1%—the slowest rate amongst fossil fuels—while gas grew by 2.2%, and coal was the only fossil fuel with above average annual consumption growth at 5.4% These shocks pushed energy prices higher in much of the world, with oil prices reaching a record annual average of more than $100 per barrel (bbl) for the first time.

2012 224
article thumbnail

EIA expects increased US crude oil production, with continued high petroleum prices in 2022

Green Car Congress

The US Energy Information Administration (EIA) forecasts that US crude oil production will average 11.9 Despite the increases in production, EIA expects the Brent crude oil price to remain above $100 per barrel this year, according to the agency’s May 2022 Short-Term Energy Outlook (STEO). A high level of uncertainty remains in our outlooks, but we have consistently forecast that elevated crude oil prices would help drive record-level annual US oil production levels in 2023.

Oil 279
article thumbnail

IRENA report finds renewable power costs at parity or below fossil fuels in many parts of world

Green Car Congress

The report, “ Renewable Power Generation Costs in 2014 ”, concludes that biomass, hydropower, geothermal and onshore wind are all competitive with or cheaper than coal, oil and gas-fired power stations, even without financial support and despite falling oil prices. However, the report notes, renewable energy price improvements are not universal, and costs range widely according to resources and the availability of financing.

2015 303
article thumbnail

EIA: world energy consumption to grow 56% 2010-2040, CO2 up 46%; use of liquid fuels in transportation up 38%

Green Car Congress

The Brent crude oil spot price averaged $112 per barrel in 2012, and EIA’s July 2013 Short-Term Energy Outlook projects averages of $105 per barrel in 2013 and $100 per barrel in 2014. With prices expected to increase in the long term, however, the world oil price in real 2011 dollars reaches $106 per barrel in 2020 and $163 per barrel in 2040, according to IEO2013. World energy consumption by fuel type, 2010-2040. Source: IEO2013. Click to enlarge.

2013 261
article thumbnail

EIA projects increases in global energy consumption and emissions through 2050

Green Car Congress

Renewables will be the primary source for new electricity generation, but natural gas, coal, and increasingly batteries will be used to help meet load and support grid reliability. The four side cases show the effects of changing key model assumptions about economic growth and world oil price.

Global 238
article thumbnail

BCG report finds advanced biofuels, concentrated solar power, and solar photovoltaic tracking to make significant market impact sooner than commonly assumed

Green Car Congress

” also sees steady adoption of on-shore wind and electric vehicle technologies, but suggests that off-shore wind and carbon capture and sequestration look likely to fade or decline. The fortunes of alternative energy have historically waxed and waned with the price levels of oil, gas, and other energy sources, rising when prices are high only to fall once they retreat. Cleaner coal through carbon capture and sequestration.

2010 246
article thumbnail

BP Energy Outlook 2030 sees emerging economies leading energy growth to 2030; global CO2 emissions from energy well above IEA 450 scenario

Green Car Congress

Between 2010 to 2030 the contribution to energy growth of renewables (solar, wind, geothermal and biofuels) is seen to increase from 5% to 18%. Natural gas is projected to be the fastest growing fossil fuel, and coal and oil are likely to lose market share as all fossil fuels experience lower growth rates. OECD oil demand peaked in 2005 and in 2030 is projected to be roughly back at its level in 1990. Oil, excluding bio-fuels, will grow relatively slowly at 0.6%

2011 190
article thumbnail

KPMG survey finds majority of energy execs see oil over $121/barrel this year; shale expected to have transformative impact, investment in alternatives increasing

Green Car Congress

Energy executives expect continued volatility in the price-per-barrel of oil for the remainder of the year, with 64% predicting crude prices to exceed $121 per barrel. The executives also foresee shale oil and gas having a transformative effect on helping to meet the world’s energy needs, according to the results of the 9 th Annual Energy Survey conducted by the KPMG Global Energy Institute. Biomass Natural Gas Oil Oil Shale Solar Wind

2011 200
article thumbnail

EIA expects US motor fuel consumption to increase this summer, but remain below 2019 levels

Green Car Congress

EIA also forecasts the Brent crude oil price will average $64 per barrel this summer, a 78% increase from last summer’s average of $36 per barrel. That price increase paired with an increase in gasoline and diesel demand will likely increase the cost of regular gasoline and diesel fuel this summer. EIA expects the retail price of regular-grade gasoline in the United States will average $2.78 In 2022, EIA expects coal production to grow by an additional 16 MMst (3%).

2019 174
article thumbnail

American energy and American made

Electric Auto Association

The market pricing for vehicle fuels depends largely on global supply/demand and foreign crises with the net result of sometimes extreme price volatility. That is true whether the electricity is produced from solar, wind, hydroelectric, nuclear, natural gas, or coal—it's all local.

Auto 52
article thumbnail

Purdue analysis finds H2Bioil biofuel could be cost-competitive when crude is between $99–$116/barrel

Green Car Congress

The Purdue University-developed fast-hydropyrolysis-hydrodeoxygenation process for creating biofuels—H 2 Bioil ( earlier post )—could be cost-competitive when crude oil prices range from $99 to $116 per barrel, depending upon the source of hydrogen, the cost of biomass and the presence or absence of a federal carbon tax, according to a new study by the Purdue team.

2012 207
article thumbnail

Global CO2 emissions up 3% in 2011; per capita CO2 emissions in China reach EU levels

Green Car Congress

savings stimulated by high oil prices led to a decrease of 3% in CO 2 emissions in the European Union and of 2% in both the United States and Japan. tonnes per capita, despite a decline due to the recession in 2008-2009, high oil prices and an increased share of natural gas. Global fossil oil consumption increased by about 2.9% in 2011, with below average consumption in all regions, except for North America, where low prices drove robust growth.

2012 207
article thumbnail

Study projects emission impacts of inexpensive, efficient EVs: 36% further reduction in LDV GHG by 2050, or 9% economy-wide

Green Car Congress

The team explored other scenarios including different levels of CO 2 and CH 4 fees applied to the BAU and OPT scenarios; different levels of LDV demand; and different oil prices. Electricity generation from natural gas increases over time in both scenarios, whereas generation from existing coal plants declines. million tonnes in 2050, due to existing control requirements and the shift away from coal-fired generation.

2017 150
article thumbnail

IEA World Energy Outlook 2013 sees CO2 emissions rising by 20% to 2035; oil use on upward trend

Green Car Congress

China is about to become the largest oil-importing country and India becomes the largest importer of coal by the early 2020s. The Middle East becomes the world’s second-largest gas consumer by 2020 and third-largest oil consumer by 2030, redefining its role in global energy markets. In some regions, rapid expansion of wind and solar PV raises fundamental questions about the design of power markets and their ability to ensure adequate investment and long-term reliability.

2013 233
article thumbnail

Annual Increase in Global CO2 Emissions Halved in 2008; Decrease in Fossil Oil Consumption, Increase in Renewables Share

Green Car Congress

Very high oil prices up to the summer of 2008, together with a worldwide financial crisis have caused a halving of the annual increase in global emissions of carbon dioxide (CO 2 ) from consumption of oil, coal and gas, and from cement production, according to preliminary estimates by the Netherlands Environmental Assessment Agency (PBL), using recently published energy data from BP. Global CO 2 emissions from fuel use and cement production by region. Source: PBL.

2009 163
article thumbnail

US EIA Projects World Energy Use to Grow 44% Between 2006 and 2030, CO2 Emissions Up by 39%

Green Car Congress

World oil prices have fallen sharply from their July 2008 high mark. As the world’s economies recover, higher world oil prices are assumed to return and to persist through 2030. In the IEO2009 reference case, world oil prices rise to $110 per barrel in 2015 (in real 2007 dollars) and $130 per barrel in 2030. In the reference case, conventional oil supplies from the Organization of the Petroleum Exporting Countries (OPEC) contribute 8.2

2006 150
article thumbnail

EIA: light duty vehicle energy consumption to drop 25% by 2040; increased oil production, vehicle efficiency reduce US oil and liquid imports

Green Car Congress

The differences from AEO2013 to AEO2014 result from different fuel prices, updated manufacturer product offerings, changing technology attributes, and an updated view of consumer perceptions of infrastructure availability for E85 vehicles. Natural gas prices significantly increase the demand for LNG and compressed natural gas in AEO2014 , from an insignificant share in 2012 to 8% of HDV energy consumption in 2040. With domestic crude oil production rising to 9.5

2013 243
article thumbnail

Stanford, UC Santa Cruz study explores ramifications of demand-driven peak to conventional oil

Green Car Congress

In contrast to arguments that peak conventional oil production is imminent due to physical resource scarcity, a team from Stanford University and UC Santa Cruz has examined the alternative possibility of reduced oil use due to improved efficiency and oil substitution. Their results showed great increases in passenger and freight transport activity, but less reliance on oil. Third, price-competitive alternatives to conventional oil continue to expand.In

2013 188
article thumbnail

Hawaii opts for EVs and renewable energy

Revenge of the Electric Car

Another 5% comes from wind and 5% from hydro. The rest of Hawaii’s electricity is generated by burning oil. Yes, tankers of dirty, expensive oil are brought in and boatloads of money are shipped back to the oil companies. Oil burning is one of the single biggest sources of pollution coming from the whole state. Clean base load energy is particularly important since that is usually generated by nukes, burning coal or, in the case of Hawaii, oil.

2008 100
article thumbnail

Cleantech Blog: Smart Grids and Electric Vehicles

Tony Karrer Delicious EVdriven

Solar, Wind and Biofuels Grew 53 Percent in 2008 Green Education = Environmental Religion? Renewables That Even Coal-Based Utilities Can Love. Smart Grid City will easily support up to 1,000 easily dispatched distributed generation technologies including PHEVs, distributed batteries, solar and wind. Just as wireless service providers offer smartphones at discounted prices, Project Better Place will offer discounted electric vehicles with usage pricing plans.

2009 28
article thumbnail

Buffett's Chinese electric car company

Tony Karrer Delicious EVdriven

BYD’s conventional gas-powered cars are selling well these days in China, and his electric plug-in electric model looks like it will come to market with a longer range and a lower sticker price than the new Toyota Prius much-hyped Chevy Volt. Sign Up Login All Posts | About & Contact Us | Get a TEC Badge | Getting Started with The Energy Collective Cutting-edge insight on energy and climate that you wont find anywhere but here.

2009 28