Global Oil Product Demand Now Exceeds Supply
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Exponential Demand for Oil

Petroleum has fueled the world's energy needs for the past century. Today, rapid industrialization in once-developing countries such as China and India is dramatically increasing worldwide oil consumption. In 2007, global oil demand rose twice as fast as it had a year ago, reaching 36 billion barrels per year and a critical price point of more than $70 per barrel — a benchmark that has been greatly exceeded since. The Energy Information Association’s predicted global oil demand of 43 billion barrels per year by 2030 may well be reached long before that date.

	Global Fossil Carbon Emissions Rising Rapidly
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Unfortunately, oil supplies are decreasing. Producers are now drilling in ever-more-remote, war-torn and environmentally sensitive areas. On the way to running out of oil altogether, the world will experience serious shortages that will cause catastrophic economic dislocation and decades of continued fighting over the last remaining reserves. 

In addition to being a fast-depleting resource, oil is a dangerous polluter and a major contributor to global warming when it is burned as a fuel — emitting over 3 billion metric tons of carbon dioxide per year into the atmosphere.

	Oil Production may Peak in 2026
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Alternatives like hybrid, hydrogen and electric power are attractive but will take decades to phase in because they will require new infrastructure. Petroleum still powers the world today in the form of gasoline, diesel, jet fuel, fuel oil, as well as chemical products like plastics, solvents, fertilizers and pesticides. 

Trillions of dollars are invested in the world’s oil infrastructure. The only viable replacement for petroleum is a new fuel that is cost competitive and can be used directly in the existing oil network. The world needs a new oil. 

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