The U.S. Energy Information Administration’s (EIA) International Energy Outlook 2014 is projecting a 38% increase in world-wide consumption of petroleum and other liquid fuels through 2040, from 87 million barrels per day (MMbbl/d) in 2010 to 119 MMbbl/d in 2040. “Potential new supplies of oil from tight and shale resources have raised optimism for significant new sources of global liquids,” according to the EIA website. “The potential for growth in demand for liquid fuels is focused on the emerging economies of China, India, and the Middle East, while liquid fuels demand in the United States, Europe, and other regions with well-established oil markets seems to have peaked.” World oil prices are projected to fall from $113 per barrel (2012 dollar) in 2011 to $92 in 2017, before increasing to $141 by 2040. EIA adds that “improvements in conservation and efficiency have reduced or slowed the growth of liquid fuels use among mature oil consumers.”
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