US oil and gas 'resurgence' expected as global demand grows

November 14, 2017

Oil will continue growing as a source of energy for over two decades, with the U.S. set to become the undisputed leader in crude and gas production, the International Energy Agency said Tuesday.

LONDON (AP) — Oil will continue growing as a source of energy for over two decades, with the U.S. set to become the undisputed leader in crude and gas production, the International Energy Agency said Tuesday.

The report from the Paris-based agency will come as grim news for officials attending global climate talks in Bonn, Germany, as they grapple with ways to contain carbon emissions. Scientists just this week said that emissions of the heat-trapping gas rose this year after three years of not growing.

The IEA said oil production will be driven by continued growth in energy-hungry industries. Though solar power is set to become the cheapest source of new electricity generation and the boom years for coal are over, oil and gas will continue to meet the bulk of the world's energy needs, the IEA said.

Oil demand is forecast to keep rising until 2040, with natural gas growing by a sharp 40 percent.

A more widespread use of electric cars will not be enough to consign oil to the past, said IEA Executive Director Fatih Birol.

"It is far too early to write the obituary of oil, as growth for..."

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