Even Oil Optimists Expect Energy Demand to Outstrip Supply.

ECONOMIC forecasting; PETROLEUM industry; ECONOMIC structure; ECONOMIC indicators; SUPPLY & demand; ECONOMIC demand; PRODUCTION (Economic theory); ENERGY consumption

The article reports on the condition of the oil supply around the world. It has been forecasted that there are at least one trillion to three trillion barrels of oil left to satisfy the energy demand of the world. According to a federally commissioned report, the world is not running out of oil but warned the U.S. to develop additional sources of liquid energy for the next 25 years. One of the root problems of such threat was the rapid growth of demand for energy. According to the forecast of the National Petroleum Council (NPC), the demand is expected to rise of about 50 percent to 60 percent by 2030.