ExxonMobil has released its annual long-term energy outlook, projecting global energy needs and supplies out to 2040. Some highlights:

• Demand in developing nations will rise 65 percent by 2040 compared to 2010, nearly double the rate of overall demand growth for the globe (35 percent).
• Electricity demand will account for more than half of the increase in overall global energy demand. The world will need 85 percent more electricity in 2040 than it used in 2010.
• As economies expand, transportation sector energy demand is expected to increase by more than 40 percent from 2010 to 2040 – led by a 65 percent increase in demand from heavy-duty transportation.

On the supply side:

• Oil and natural gas will supply about 60 percent of global energy demand in 2040, up from 55 per... more »

According to the U.S. Energy Information Administration (EIA), the world’s demand for energy is going to increase by nearly 50 percent by 2035. Based on EIA projections, this graphic from API’s 2012 State of American Energy report shows that oil and natural gas is expected to supply 52 percent of that energy, only slightly less than today’s share (55 percent).

This means finding and producing oil and natural gas will remain critical to the global economy in the decades ahead. The International Energy Agency:

“Every advanced economy has required secure access to modern sources of energy to underpin its development and growing prosperity. … In developing countries, access to affordable and reliable energy services is fundamental to reducing poverty and improving health, increasin... more »

Lots of insight in a speech this week by Shell's Hugh Mitchell, chief human resources and corporate officer, speaking at the Edinburgh University Business School.

The challenges: rising population - the world's population is expected to increase by a third over the first half of the century, from 7 billion to more than 9 billion - and rising wealth. Mitchell:

"As countries like India and China continue their economic development, by 2050 billions of people will be buying phones, fridges and cars which their grandparents would never have dreamed of. For the global energy system, these trends are already having a profound effect. Driven by rising demand and prosperity, global energy demand is set to double in the first half of this century. In China, energy demand could rise by 75% between 2... more »

No matter where you live, the cost of filling up your car with gasoline has increased in recent months, which has some consumers asking: "What's causing this spike in gas prices?"

A number of factors help dictate the price of gasoline, but the cost of crude oil on the global marketplace is the main component, and crude oil prices have been steadily rising. With current economic conditions improving worldwide, global demand for oil is rising, leading to the higher prices we're seeing today.

Gasoline prices are also affected by other factors, including weather events, inventories, refining and distribution costs, marketing and taxes. For example, every time U.S. motorists pull up to the pump, they pay an average of 48 cents in state and federal taxes per gallon of gasoline.

One way to ad... more »

The administration is erecting more roadblocks to offshore drilling. According to published reports, the government will require an environmental assessment for each and every deepwater well. It also plans to extend the government's timeframe for exploration plan review from 30 to 90 days.

As a result, the plan approval and permitting process will take longer than ever before and further delay the offshore development of U.S. oil and natural gas.

API's Upstream Director Erik Milito told the Houston Chronicle the decision to require an environmental assessment for each well adds more red tape to the permitting process and gives less flexibility to regulators who have the authority to waive environmental assessments when appropriate.

Mark Shuster of Shell Oil said it's a matter of sig... more »