U.S. nearing energy independence
The United States is projected to be energy self-sufficient by 2035 while also being the world’s top liquids and natural gas producer, according to BP’s 2035 Energy Outlook report. The report predicts worldwide energy demand will grow by 41 percent over the next 20 years, a slowdown from the 52 percent growth of the past 20 years.
Energy production in the United States is expected to increase by 24 percent, while consumption expands by just 3 percent, according to BP, while energy consumed in power generation rises by 10 percent. Coal is expected to remain the dominant fuel source, although BP anticipates its share will drop from 43 percent to 35 percent.
Increased energy efficiency will play a role in reduced energy demand, and BP anticipates that the United States and other advanced countries will see their economies grow while energy use falls moving closer to 2035.
Worldwide, oil, natural gas and coal are each expected to account for 27 percent of the global fuel mix by 2035, with nuclear, hydropower and renewables accounting for roughly 5 percent to 7 percent each. Renewables are expected to be the fastest-growing source of electricity generation. BP said. “Including biofuels, renewables are expected to have a higher share of primary energy thannuclear by 2025.”