Here’s How Oil and Gas Companies Fuel Economic Growth

A tremendous increase in demand for energy is expected to be necessary in order to support the global economy as it gets back on its feet. Exxon Mobil predicts that global energy demand will be 35 percent higher in 2040 than it was in 2025, with oil and natural gas meeting about 60 percent of that demand. (If you don’t fuel it, it won’t go.)

Natural gas is quickly becoming the obvious rising star in energy, and is expected to overtake coal as the second-most-used fuel by 2025. Demand for the fuel is expected to grow 65 percent through 2040, with 20 percent of global production occurring in North America.

Rex Tillerson, chairman and CEO of Exxon Mobil, notes in a statement that “energy is fundamental to our way of life and essential to grow our economy.” The importance of energy in the global economy is self evident, but perhaps more interestingly is how the changing energy market will affect the U.S.

Exxon Mobil notes that North America is likely to become a net energy exporter by 2025. There is no hiding the fact that the U.S. is facing economic difficulties like never before and, barring a miracle, the road to recovery will be long and difficult.

“Over the next two decades, more than half of the growth in unconventional natural gas supply will be in North America, providing a strong foundation for increased economic growth across the United States, and most notably in industries such as energy, chemicals, steel and manufacturing,” the company notes in its statement.

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