Oil Continues to be Primary Energy Source for the Foreseeable Future
Oil is forecast to remain the primary source of energy for the world’s economies through at least 2040 according to energy projections. Oil is expected to supply 32% of the world’s energy in 2040, down slightly from 34% in 2010. Overall, oil, natural gas and coal will provide 78% of energy demand followed by nuclear then alternative sources of energy such as wind, solar and biofuels. While alternative energy sources are seeing continued growth, these sources will only provide about 4% of the total world demand in 2040.