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The high end of the Energy Information Administration’s prediction would bring 2016 Brent crude from $75 per barrel to about $60 per barrel, or just a few dollars above Tuesday’s ending price of $59.10.
The company’s forecast outlined an about 35 percent growth in energy demand across the world through 2040, driven mostly by a growing population and the rise of an energy-hungry middle class in developing countries.
Oil and gas will provide the bulk of the energy needed to fuel the world by 2040, with most of it coming from North America, Russia and the Middle East, Exxon Mobil predicted Thursday.
U.S. crude production rose to the highest level in a quarter-century as a shale drilling boom in states such as Texas and North Dakota cut the need for foreign oil and pushed the country closer to energy independence.
The greatest threat to expected energy growth in the U.S. is the people running the government in Washington, an investment banker who specializes in industry issues told a University of Houston gathering Tuesday.
Assumptions on such as the growth of labor, the amount of capital invested and availability of tax credits could shape supply and demand for different forms of energy decades down the road.
Natural gas and nuclear power could help meet a surging demand for electricity across the globe over the next three decades as growing environmental concerns and costs start to price coal out of the market, Exxon Mobil predicted today.