In its latest International Energy Outlook (“IEO”), the US Energy Information Administration (“EIA”) says renewable energy will displace oil as the world’s top energy source by the late 2040s. However, oil demand will continue to rise until 2050 as EIA Administrator Linda Capuano said renewables are not growing fast enough to meet demand.
The EIA expects natural gas to be the world’s fastest growing fossil fuel, increasing 1.1% per year until 2050. Overall world energy consumption will grow by 50% between now and 2050, led by strong growth in Asian markets. Also in the IEO 2019, the EIA expects total US oil production to peak in 2031, with offshore production peaking in 2022.