Recent technology advancements have provided an abundance of supply and unprecedented range of energy choices – from the oil and natural gas in America’s shale regions to the deepwater fields off the African coast; from new nuclear reactors in China to wind turbines and solar arrays in nations around the world.
The global energy supply mix will shift over the next two-and-a-half decades. Society’s push for lower-emission energy sources will drive substantial increases for nuclear power as well as renewables such as wind and solar. By 2040 nuclear and all renewables will be approaching 25 percent of global energy supplies. Oil will remain an essential energy source for transportation and chemicals production.
Natural gas, increasingly used for power generation as utilities look to switch to lower-emissions fuels, will expand its share of the energy mix. Gas will overtake coal as the world’s second-largest fuel in about a decade. The world has been undergoing an energy supply revolution in recent years, with significant oil and natural gas production increases from American shale fields rewriting the narrative of scarcity and limits that has prevailed since the 1970s. North America, which has been an oil importer for decades, is on pace to become a net exporter of oil in just a few years.
These advances have stimulated a new "age of abundance" in energy supplies, which is good news for billions of people seeking to advance their standards of living.