The technological revolution that has unleashed the tremendous increase in U.S. domestic energy production has turned traditional thinking about America’s energy and economic policies on its head. As a result, in just a short period of time our public policy debates have transitioned from multi-decade discussions of scarcity and limits to growth, to discussions of American energy abundance and the enormous benefits that it can offer. Yet not everyone has gotten that message.
Newsworthy events that occur during the holiday season often don’t get the attention they deserve. Such was the case with the latest study from the energy consulting group IHS Global Insight on oil and natural gas development from unconventional sources like shale, which came out at the end of 2012. The report’s most significant finding is that the benefits of unconventional oil and gas development are being felt even in those states without oil and/or gas production.
I have written recently about ExxonMobil’s Outlook for Energy, which looks out to 2040 about future economic and energy trends that will shape our world. But as we close out 2012, it’s worth looking back on a few developments that made this year so extraordinary, many of which I covered at ExxonMobil Perspectives.
As we look ahead to 2013, we thought it would be a good time to take stock of 10 thought-provoking facts gleaned from ExxonMobil’s just released report, The Outlook for Energy: A View to 2040. Each number offers fresh insight into the way the world uses energy now and will likely use energy in the decades ahead. And as we look forward to the year 2040, we can foresee a dynamic world of growth and change.