If you are an oil exec, the world is a rosy place — and I am not speaking in regards to the pink haze of heat that’s been rising from the burning American West all summer time. I’m talking about vitality consumption the place the information simply couldn’t Petrochemical Refining Equipment be cheerier. Despite declines in North America and Europe, in response to a new study by the U.S. Power Info Administration (EIA), world consumption of petroleum merchandise in 2012 rose to record heights, a staggering 88.9 million barrels a day. Will increase in Asia in particular have been impressive, as a snazzy little animated graphic of soaring world oil use, 1980-2012, at the EIA’s web site makes clear.
And speaking of upbeat information, there was another rosy record set in 2012 (at the very least, if you are an oil exec who could not care less concerning the destiny of the planet): Carbon dioxide emissions leaped into the environment in report portions, 31.6 billion tons of CO2, even as U.S. greenhouse fuel emissions dropped, in part as a result of utilities had been switching from coal to pure fuel. After all, significant quantities of the coal not used on this country getshipped off to places like China the place it now not counts as U.S. emissions when it heads skyward.
Anyway, put the two collectively and you can practically see the heat haze of an eternal summer rising on the eastern horizon. The truth is, these days even the worst news for the remainder of us may be excellent news for the energy trade. For example, the possibility of an American intervention in Syria, a spreading conflict in the area, and chaos in Center Japanese oil markets has already helped raise the worth of a barrel of crude oil above $a hundred and fifteen. An American air assault on Syrian navy facilities in Damascus might send that value over $a hundred and twenty and trigger pain on the pump within the U.S. as effectively. So that you and that i will not be joyful, but oil execs will be toasting their good fortune.
In the approaching years, there’s prone to be no end to this type of excellent news, as Michael Klare, creator of The Race for What’s Left, makes clear immediately in “Our Fossil-Fueled Future.” If you thought fossil fuel consumption and greenhouse gas emissions had been at unbeatable ranges, simply wait till he introduces you to Earth 2040. If, by then, you are the CEO of a big energy firm, you may really be within the pink. As for the remainder of us, if you’ll excuse the expression, we’ll be within the red.