Business

20-Year Energy Outlook Predicts Less Reliance On Oil

The world’s “energy capital” will probably be just fine.

Oil derrick
Oil derrick

In 2035, about half of the increase in global energy will come from renewables, nuclear and water power.

Even so, oil and gas, along with coal, will remain the dominant source of energy.

That’s according to BP’s newest energy outlook.

Many of Houston’s energy companies are already shifting from oil to natural gas, said Bill Arnold, an energy economist at Rice University.

“The price of natural gas has been off for the last few years, the price of oil, of course, collapsed in 2014,” he said. “But the U.S. is really leading the world in terms of shale gas activity.”

And while the proportion of oil in the energy mix may decrease, he said, Houston will most likely remain the world’s “energy capital.”

“One of the things that’s essential to the Houston economy is this adaptability and flexibility,” he said. “It is not a hidebound city or industry. There’s constant adaptation taking place.”

Texas, by the way, has become the leading state for wind power in the nation, and solar is also growing.

 

Share

Florian Martin

Business Reporter

Florian Martin is currently the News 88.7 business reporter. Florian’s stories can frequently be heard on other public radio stations throughout Texas and on NPR nationwide. Some of them have earned him awards from Texas AP Broadcasters, the Houston Press Club, National Association of Real Estate Editors, and Public Radio...

More Information