100 Million Barrels Per Day

May 15 20:05 2018 Print This Article

 

100 million. It’s a number that drowns comprehension; it’s more jelly beans than can fit in an average-sized swimming pool.

Within a year, world oil consumption will top 100 million barrels of oil per day. Over the same time period, close to 100 million new piston-firing vehicles will be bought by petroleum-thirsty customers.

I hate to say it, but any notion of imminent “energy transition” or “decarbonization” is folly.

In fact, the percentage of fossil fuels in the world’s energy mix—coal, oil and natural gas—is still lingering well above 80%, a figure that has changed little in 30 years. That remains so, despite being challenged by serious environmental policies, financial pressures, viable alternative systems, public awareness and social activism.

It’s true that wind and solar are being deployed quickly, at an exponential rate in fact.  But impressive as it all is, renewable energy installations are far too slow to catch the still-hardy appetite for fossil fuel consumption. Such energy obesity is not virtuous, but it’s a fact needing acknowledgement in a world of over seven billion people, each of whom are wanting for more light, heat, mobility and a panoply of mostly useless gadgetry.

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About Article Author

ARC Energy Ideas

ARC Financial Corp. is a Calgary-based, employee-owned, private equity management firm founded in 1989, with an exclusive focus on the Canadian energy industry. Through in-depth investment research capability leveraged to build a highly successful corporate advisory practice, ARC Financial Corp created ARC Resources Ltd in 1996. ARC Resources Ltd. is a TSX-listed company (ARX) that has become one of the leading players in the Canadian oil and gas sector. The mandate for the ARC Energy Funds is to provide growth equity capital for energy companies with a core focus on the Canadian oil and gas industry.

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