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Report Predicts Rising Global Energy Use

Exxon Mobil predicts that higher living standards in developing countries around the world will drive increased demand for energy, despite increased economic efficiencies and governmental attempts to reign in pollution.

oilrigIn its annual long-term energy outlook, the company projects world demand for electricity and transportation fuels will grow 35 percent by 2040, as energy resources are delivered to billions of people in developing nations. Those increases will be offset slightly by a slow decline in consumption by more developed economies.

“People want a warm home, a refrigerator, a TV, someday a car, and a cellphone,” William Colton, Exxon’s Vice President for Corporate Strategic Planning, told the Associated Press.

The company’s conclusions align with other recent reports that predict world energy consumption to dramatically increase in the coming decades.

Exxon predicts that demands for its global oil and natural gas resources will continue to climb, powering transportation of goods and fueling increased electricity demand. It also predicts that the use of coal will diminish as countries turn to cleaner-burning natural gas as a means to generate power.

In an effort to combat carbon emissions that scientists warn contribute to climate change, Exxon says governments will impose costs on fossil fuels – either on supply or consumption – that will amount to roughly $80 per ton of carbon dioxide. Those costs will contribute to greater energy efficiencies in vehicles, building codes and appliance standards, the company says.

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