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World Energy Use to Rise 50 Percent by 2030

The world will consume 50% more energy in 2030 than it did in 2005, according to a report by the Energy Information Administration released today.

The growth in energy consumption will be driven by robust economic growth and expanding populations in the world’s developing countries, according to projections included in the International Energy Outlook 2008. Average world oil prices in every year since 2003 have been higher than the average for the previous year and prices in 2007 were nearly double the 2003 prices in real terms.

Although liquid fuels will likely remain the largest single source of energy through 2030, the liquids share of marketed world energy consumption is set to fall from 37% in 2005 to 33% in 2030. Meanwhile, the share of conventional oil in the overall liquids supply will decline as use of unconventional oil, biofuels, and other unconventional liquids rises. High oil prices lead many consumers to switch to other fuels when feasible; fuel-switching and efficiency gains, for instance, slow the growth of oil use in the industrial sector.