{"id":2014646,"date":"2023-08-28T18:35:02","date_gmt":"2023-08-28T22:35:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-investment-needed-in-oil-and-gas-production-or-well-live-shorter-more-miserable-lives-report\/"},"modified":"2023-08-28T18:37:24","modified_gmt":"2023-08-28T22:37:24","slug":"more-investment-needed-in-oil-and-gas-production-or-well-live-shorter-more-miserable-lives-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-investment-needed-in-oil-and-gas-production-or-well-live-shorter-more-miserable-lives-report\/","title":{"rendered":"Investment in Oil and Gas Production Crucial for Our Well-being: Report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmore-investment-needed-in-oil-and-gas-production-or-well-live-shorter-more-miserable-lives-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2014646&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Oil and\u200b Gas: A Critical Part of the World&#8217;s Energy Mix<\/h2>\n<p>Despite the carbon-cutting push, oil and \u200cgas will continue to \u2062be a critical part of the \u200cworld&#8217;s\u2064 energy\u2064 mix for decades to come, according to an ExxonMobil\u2063 report. The report warns \u200cthat significant investments are needed to offset declining rates of production, or else people will live shorter, \u200cless fulfilling lives.<\/p>\n<p>&#8220;Access to affordable and\u2064 reliable energy is at the\u200b core\u200d of every key measure of human development and quality\u2063 of\u2062 life,&#8221; researchers wrote in the <a href=\"https:\/\/corporate.exxonmobil.com\/what-we-do\/energy-supply\/global-outlook#Keyinsights\" target=\"_blank\" rel=\"noopener\">latest\u200c edition<\/a> of the ExxonMobil \u200cGlobal \u2062Outlook report. This report\u200d examines economic development and energy demand and supply over the next 30 or \u2064so years.<\/p>\n<p>According to the report, researchers expect oil and natural gas to continue playing a dominant role, providing over half (54 percent) of the world&#8217;s energy needs in 2050.<\/p>\n<blockquote>\n<h3>Related Story<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/world\/deputy-prime-minister-highlights-climate-transition-opportunity-in-response-to-carbon-tax-question-5482118\">Deputy \u2062Prime Minister\u200b Highlights Climate Transition \u200b&#8217;Opportunity&#8217; in Response to Carbon Tax Question<\/a><\/li>\n<li class=\"text-comp-caption\">8\/28\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>This is despite an unprecedented rise in lower-emission options like wind and solar, which are\u200c projected to provide 11 \u2062percent of\u200c the world&#8217;s energy supply in 2050, five times what that share is today.<\/p>\n<p>&#8220;The utility of oil and natural gas in meeting the\u2062 world\u2019s \u2063needs remains unmatched,&#8221;\u200d the report&#8217;s executive summary reads (<a href=\"https:\/\/corporate.exxonmobil.com\/-\/media\/global\/files\/global-outlook\/2023\/2023-global-outlook-executive-summary.pdf\" target=\"_blank\" rel=\"noopener\">pdf<\/a>). &#8220;They are energy dense, portable, available, and affordable\u2014and\u2063 serve as essential raw materials for many products we use today.&#8221;<\/p>\n<p>The Biden administration and others have taken\u2064 fossil \u200dfuels squarely into their crosshairs, with the ExxonMobil report providing a counterpoint \u200dto the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/obamas-longest-serving-cabinet-member-confirmed-to-bidens-cabinet\/\" title=\"Obama\u2019s Longest-Serving Cabinet Member Confirmed To Biden\u2019s Cabinet\">fight-climate-change-<\/a>at-all-costs narrative that seems to inform much current energy policymaking.<\/p>\n<p>The issue came to the forefront in \u200cdramatic fashion during the recent Republican primary debate, with presidential hopeful Vivek Ramaswamy offering a memorable counterpoint.<\/p>\n<p>&#8220;I&#8217;m the only candidate on stage who isn&#8217;t bought and paid\u200b for, so I can\u200d say this: the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-climate-agenda-wont-replace-jobs-it-seeks-to-kill-separate-ap-wapo-fact-checks-suggest\/\" title=\"Biden\u2019s Climate Agenda Won\u2019t Replace Jobs It Seeks To Kill, Separate AP, WaPo Fact-Checks Suggest\">climate change agenda<\/a> is a hoax,&#8221; he said.<\/p>\n<p>&#8220;The \u2062reality is more people are dying of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republican-debate-gop-field-piles-on-ramaswamy-who-makes-splash-in-stage-debut\/\" title=\"Republican debate: GOP targets Ramaswamy in impressive stage debut.\">bad climate change policies<\/a> than they are of \u2063actual climate change,&#8221; he added.<\/p>\n<h2>Big Changes to\u200b Energy Mix<\/h2>\n<p>The biggest change in the energy\u2062 mix in 2050 compared to today\u2062 is the significant increase in wind and\u2062 solar, \u200dalong with a \u2063substantial reduction \u2063in the \u200duse of coal.<\/p>\n<p>&#8220;Coal will increasingly be displaced by lower-emission sources of electricity production\u2014not just renewables but also\u2062 natural gas, which has about half the carbon intensity of coal,&#8221; the report says, while projecting \u200can 80 percent explosion \u2063in the use of electricity by 2050 globally.<\/p>\n<p>While oil use is \u200bprojected to decline significantly in personal transportation as the electric \u200dvehicle push continues to displace internal combustion engines, oil will remain essential for industry and heavy-duty \u200ctransport, per the report.<\/p>\n<p>Shipping, long-haul trucking, and aviation (all of which underpin economic activity and\u2062 growth) will \u200ccontinue\u200c to be heavily reliant on \u2064oil.<\/p>\n<p>&#8220;If every new passenger car sold in\u200b the world \u200cin 2035 were \u200can \u2063electric\u2062 vehicle, oil demand in 2050\u200d would still be 85 million barrels per day, the same as it was around 2010,&#8221; the \u2064report says, while estimating that natural gas use will soar within the next three decades.<\/p>\n<p>&#8220;Natural gas use is projected to\u2064 increase by more than 20 percent \u2063by 2050 given its utility as a reliable and lower-emissions \u2064source of fuel for electricity generation, hydrogen production, and heating for both industrial processes and buildings,&#8221; the report says.<\/p>\n<p>The researchers predict that, by 2050, per capita GDP \u200cwill rise \u2064by\u200d roughly 85 percent globally, driving higher\u200d demand for energy.<\/p>\n<p>The critical question \u200cis how that growing\u2062 demand for energy \u200dcan be\u2063 met.<\/p>\n<p>&#8220;Failing to\u2063 meet demand would prevent developing nations from achieving their economic goals \u200band their citizens from\u200c living longer, more fulfilling lives,&#8221; \u200dthe report states.<\/p>\n<p>One expert who has made a\u200b similar point is Bjorn Lomborg, president of the Copenhagen Consensus think-tank and visiting fellow at Stanford University&#8217;s\u200c Hoover Institution.<\/p>\n<p>&#8220;Avoiding both cold and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-investment-needed-in-oil-and-gas-production-or-well-live-shorter-more-miserable-lives-report\/\" title=\"Investment in Oil and Gas Production Crucial for Our Well-being: Report\">heat deaths requires affordable energy access<\/a>,&#8221; Mr.\u2062 Lomborg wrote in a <a href=\"https:\/\/nypost.com\/2023\/08\/22\/climate-alarmism-over-heat-waves-fires-drives-false-solutions\/\" target=\"_blank\" rel=\"noopener\">recent op-ed<\/a> in the New York Post.<\/p>\n<p>&#8220;In the United States, cheap gas from fracking allowed millions to\u200c keep \u200bwarmer \u2063with low budgets, saving 12,500 lives each year,&#8221; he \u200dcontinued.<\/p>\n<p>&#8220;Climate policy, which inevitably makes most energy more expensive, achieves the opposite,&#8221; he wrote, dovetailing with Mr. Ramaswamy&#8217;s remarks\u200c during the GOP debate.<\/p>\n<h2>More People, More Prosperity, More Demand<\/h2>\n<p>The analysts project that the world&#8217;s population will\u2064 grow by around 25 percent between now and 2050, from around 7.8 billion\u200c today to 9.7\u2064 billion in just under three decades.<\/p>\n<p>Just 3 percent of \u200bthis growth is expected in developed \u2062countries such as the\u2062 United States, with over 25 percent in the Asia Pacific region and around 65 percent in Africa and the Middle East.<\/p>\n<p>Along with population growth, economic expansion \u200daround the world\u2064 is expected to be significant. Between now and 2050, developing countries will see their per-capita GDP more than double, while the world&#8217;s overall economic output per person will grow by around 85 percent, driving up energy demand.<\/p>\n<p>&#8220;Global demand reaches about 660 quadrillion Btu \u200din 2050, up about 15 percent versus 2021, reflecting a growing population and rising\u2064 prosperity,&#8221; the report states.<\/p>\n<p>A key\u2064 question is\u2062 how the growing energy demand will be \u200dmet.<\/p>\n<p>Wind and\u200d solar &#8220;hold great promise,&#8221; the report&#8217;s\u200b authors say, predicting that these energy sources will quintuple in use by 2050. Other lower-emission options like\u200d hydrogen and nuclear are also \u200cexpected to play important roles.<\/p>\n<p>&#8220;As lower-emission options grow, we project the world\u2019s energy-related\u2062 CO2 emissions will \u200bdecline 25 percent by 2050,&#8221; the report says, noting\u200c that this is\u2062 a major shift from the 10 percent increase\u2064 in emissions over the past decade.<\/p>\n<p>In a\u200c nod to the\u200c United Nations climate goals of keeping global warming from exceeding \u20632 degrees\u2063 C, the \u2063report says that &#8220;larger reductions are needed&#8221; to meet that goal, even though the authors acknowledged that progress in reducing emissions has been &#8220;substantial&#8221; so far.<\/p>\n<p>ExxonMobil <a href=\"https:\/\/corporate.exxonmobil.com\/news\/news-releases\/2022\/1208_exxonmobil-announces-corporate-plan-to-double-earnings-and-cashflow-potential-by-2027\" target=\"_blank\" rel=\"noopener\">recently announced<\/a> \u2063that it was growing its own \u2062lower-emission investments by around 15 percent to around $17 billion through \u20622027.<\/p>\n<p>\u201cWe\u2019re aggressively working to reduce greenhouse \u2064gas emissions \u2064from our operations, and our 2030 emission-reduction plans\u200d are on\u200d track to achieve a 40-50<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Access to affordable and reliable energy remains crucial, as per an ExxonMobil report. Despite efforts to reduce carbon emissions, oil and gas will remain vital in the global energy mix for years. The report emphasizes the need for substantial investments to counter declining production rates, as failure to do so may result in shorter and less satisfying lives.<\/p>\n","protected":false},"author":118,"featured_media":2014647,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2014646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2014646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/118"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2014646"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2014646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2014647"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2014646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2014646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2014646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}