More People = More Demand for Energy

[dan_s]

Exxon sees global middle class (read demand for products, services) growing to 5 billion people, more than half the world’s population, by 2030

“At the turn of the century, about 1.3 billion people could have been described as middle class. The global population at the time was about 6 billion, so that was nearly a quarter of the planet’s population, most of whom resided in the advanced economies of Europe and the Americas,” Colton wrote in an Exxon publication, Energy Factor.

“By 2030, however, the world will be a very different place. We anticipate the number of people classified as middle class will near 5 billion – well more than half the expected 2030 global population of about 8.5 billion people. Much of that expansion occurs in the dynamic economies of the Asia Pacific region, with significant growth in Africa and Latin America as well.

“Among the most pressing will be to meet the increase in energy demand this middle-class expansion will both require and drive, as more people expect and gain access to air-conditioned homes, cars, and appliances like refrigerators, dishwashers, and smartphones.”

That kind of growth requires reliable, low cost electrical generating capacity and the coal mining industry is hoping to tap into that demand alongside its cousin natural gas.
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The U.S. is now exporting close to 6 Bcf per day of natural gas (gross). Exports are expected to increase to 10 Bcf per day in 2020 and 15 Bcf per day by 2025.