On November 12, 2013, the International Energy Agency released its 2013 World Energy Outlook. The annual report predicted that recent growth in oil and natural gas production in both the United States and Brazil will reduce energy and electricity costs in both countries. The report further stated that the reduction in U.S. energy costs will fuel energy-intensive industries and increase exports, therein providing the U.S. a significant trade advantage over Europe, Japan, and China, where energy costs at least double the cost in the U.S. While the report noted the oil production growth in the U.S. and Brazil, it also predicts that OPEC countries will continue to grow their production to satisfy increased demand from India and Southeast Asia. In addition to discussing oil and natural gas production, the report discussed the potential impact of fossil fuel usage on global warming and the predicted increase of renewable energy subsidies from $101 billion in 2012 to $220 billion by 2035.
An IEA Press Release regarding the 2013 World Energy Outlook is available here: http://www.iea.org/
newsroomandevents/ pressreleases/2013/november/ name,44368,en.html
Written by: Tom Panighetti
November 12, 2013