Oil and Gas Will Continue to Power the World for Decades to Come, Big Oil Firms Say
In an e-mail exchange Tuesday, the largest U.S. oil producer ExxonMobil reiterated the same.
The company expects oil to remain the largest primary source of energy for at least two more decades given its vital place in the commercial transportation and chemical industry.
“Liquids are projected to remain the world’s leading energy source in 2050, even as demand growth slows beyond 2025,” Erin McGrath, ExxonMobil’s public and government affairs senior advisor, told CNBC.
“Overall, demand for liquids is expected to rise by about 15 million barrels per day by 2050. Almost all the growth will come from the emerging markets of Asia, Africa, the Middle East and Latin America.”
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Chevron Offers to Sell Oil and Gas Properties in New Mexico, Texas
Chevron (CVX.N) is offering to sell several oil and gas properties in New Mexico and Texas, according to marketing documents seen by Reuters, as the U.S. oil major looks to cull acreage after major shale acquisitions.
The second-largest U.S. oil and gas producer last month agreed to buy shale firm PDC Energy Inc (PDCE.O) in a stock-and-debt deal worth $7.6 billion. In 2020, it acquired Noble Energy in a move that boosted its U.S. shale and international gas holdings.
Chevron has been divesting properties in the Permian Basin of West Texas and New Mexico, where it is the largest publicly-traded oil and gas producer and the largest property owner with 2.2 million acres.
CO Gov Signs Scale Back Ozone Bill
Earlier this month, Gov. Jared Polis (D-CO) signed a bill into law that’s intended to decrease ozone pollution stemming from oil and gas production in Colorado and establish an interim legislative committee to investigate solutions to the poor air quality affecting parts of Colorado.
Environmental activists generally celebrated Polis signing the Protecting Communities from Air Pollution Act, even though the final version was severely weakened from the bill proposed in the Colorado House of Representatives earlier this year.
Alana Miller, Colorado policy director for the Natural Resources Defense Council, expressed why so many activists feel a pressing need to act on air quality issues.
“It has never been more urgent for Colorado to comprehensively take action on dangerous ozone pollution,” said Miller. “The impacts from our reliance on oil, gas, and other fossil fuels disproportionately harm communities whose voices are too often not at the table. The processes established in this bill are critical opportunities to center the needs of community members while identifying and planning bold actions to reduce air pollution.”
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The World Needs More Than Intermittent Electricity from Wind and Solar
Wind and solar manufacture nothing for the eight billion on this planet as they can only generate intermittent electricity from unreliable breezes and sunshine.
The transition to occasional electricity generation from breezes and sunshine has proven to be ultra-expensive for the wealthy countries of Germany, Australia, Great Britain, and the USA representing 6 percent of the world’s population (508 million vs 8 billion).
Those four wealthy countries now have among the highest cost for their electricity, while the poorer developing countries, currently without the usage of the 20th century products made from the oil derivatives manufactured from crude oil, are experiencing about 11,000,000 child deaths every year due to the unavailability of the fossil fuel products used in wealthy countries.
However, ridding the world of oil, without a replacement in mind, would be immoral and evil, as extreme shortages of the products now manufactured from fossil fuels will result in billions of fatalities from diseases, malnutrition, and weather-related deaths, and could be the greatest threat to the world’s population.
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Oil Continues to Power the World, NM Opens Land, CO Signs Ozone Bill and a BBQ Trick for the 4th