Energy and Lubricants
A view to the future part 1 The Outlook for Energy: a view to 2040
Do we ever pause to think about how important energy is to our lives? It provides us with lighting, heating, cooking, clean water, sanitation, transport, communications and healthcare. Apart from the direct energy such as electricity, that’s available in the developed world at the flick of a switch, much of the world’s energy is used indirectly. Take for example the car. We jump in it and use gasoline or diesel directly to get us to work in the morning. However, what about the energy that was used to find and process the raw materials to make the car - the plastics, rubber and metals? Then there’s the energy to transform those raw materials in to the various components, ship them to the manufacturing plant and then ship the finished vehicle to its new owner.
Access to energy helps provide a comfortable lifestyle and economic progress. We should therefore spare a thought for those who live in energy poverty (defined as a lack of access to electricity and clean cooking facilities). It is very difficult to believe in this day and age that approximately 18% of the global population has no access to electricity and 38% lack clean cooking facilities. [1]
As the world’s largest publically traded international oil and gas company, ExxonMobil applies science and innovation to find better, safer and cleaner ways to deliver the energy the world needs. To help guide our investments, which support our
business strategy, we annually present the Outlook for Energy, which provides our long-term view of global energy demand and supply. The Outlook seeks to answer several fundamental questions, including:
• How much energy will the world need? • Where will that energy be needed? • What types of energy will be needed to meet that demand?
Our Outlook considers relevant factors to achieve a balanced and, importantly, a realistic view. The current edition is the view to 2040.
For the Outlook, we look at 100 different countries; 15 different demand sectors, including lubricants; and 20 different fuel types. We also factor in assumptions related to technology advances – those that would affect demand as well as those that would extend/diversify supplies. In addition, we consider assumptions related to public policies like those targeting vehicle fuel economy, nuclear power and greenhouse gas emissions. Finally, we incorporate trade flows as they are an important aspect of world energy markets and will be even more important in the future.
The Outlook represents ExxonMobil’s view of how we expect the energy future will unfold – reflecting the path forward to address challenges related to economic growth, industrial
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LUBE MAGAZINE NO.126 APRIL 2015
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