As the world’s most important fuel, the most traded commodity, and the enabling force of globalization, the demand for oil is ever-growing. Every year, oil demand rises by around 1.3 million/d, or 1-2%.
This is an extra 55 million gallons of oil being added to global consumption every 12 months. And it’s easy to see why: around 97% of transportation is powered by oil, and global economic growth is tied to petroleum because it’s our primary fuel. Rising incomes mean more oil demand.
With population growth in both developing and undeveloped nations, the world faces future challenges, here is a look at how the demand for greener energy cannot replace crude oil.
