According to Larry J. Goldstein, a former president of the Petroleum Industry Research Foundation, large U.S. nongovernment energy companies do not see an end to oil demand any time in the near future. Recent acquisitions in the energy industry include energy company Chevron acquiring oil and gas company Hess and Exxon Mobil acquiring oil company Pioneer Natural Resources.
The International Energy Agency’s annual world energy outlook report projects global demand for coal, oil and natural gas to hit an all-time high by 2030.
There are several reasons why there is continued demand for oil and gas despite the growth of the clean energy industry. These include:
- The growth of populations ascending the socioeconomic ladder in Africa and Asia
- Oil and gas are relatively cheap and easy to move around
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