Collectively, we consume about 100 million barrels of oil a day on this planet. Although there are other resources available, oil remains at the top of the list for petrochemicals and fuels. The use of oil is often associated with transportation; however, it is used to make a variety of products as well – everything from the couch you sit on to the phone in your hand. The demand for oil for product manufacturing is only expected to rise in the coming years.
Energy consumption
In terms of energy, countries are striving to be more environmentally friendly, which means the demand for coal will lower, while the demand for natural gas will heighten as it produces up to 65 per cent less emissions. So, who is the culprit for using the most energy? Well, that depends. In the world of oil, the U.S. is the main successor. However, China is the top user of electricity, while Canada uses a healthy mix of resources.
As prosperity in countries increases, so will the global energy demand as families start living more middle class in countries where this was not so common in the past. Demand will also increase with global population growth, and this is not dependent on the specific energy source. The greatest demand for natural gas is expected to be from Asia and India.
Globally, fossil fuels make up 80 per cent of used energy, while the rest is solar, wind or geothermal energy. It is predicted that by the year 2040, demand for natural gas will increase by 36 per cent, and oil by 9 per cent. This means that in 20 years, twice as much energy will be needed than what is already produced today.
Canada’s role
In 2019, Global Energy Pulse found that Canada’s oil and natural gas was preferred worldwide. Countries are recognizing the quality of Canada’s resources and products, as well as its processes and dedication to innovation. This trend also continues into Canada itself as being the number one choice over imported oil and natural gas products; it is considered to be the most responsibly produced in the industry.
After Venezuela and Saudi Arabia, Canada is home to the third largest oil reserves on the planet. This means our country has prime opportunity to become the most environmental and socially responsible supplier of energy products, while simultaneously taking this opportunity away from less responsible sources. As global populations rise and energy demand increases, Canada is continuously driving innovative technologies that keep us green and socially responsible. A changing oil and gas industry does not hinder Canada’s opportunities, but rather produces them as we are challenged to promise a better industry for ourselves and our global community.
For more information on Canada’s commitment to social responsibility, see our September blog, Canada sets itself up for success in clean tech sector.
References
Information on the above topic was pulled and summarized from the following sources:
https://www.capp.ca/energy/world-energy-needs/
https://context.capp.ca/articles/2019/feature_2019-global-energy-pulse
