Posted on 10/16/2013 1:35:08 AM PDT by TexGrill
DAEGU, SOUTH KOREA – From oil to nuclear power, via gas, coal and renewables, Asia’s economic growth is increasingly steering the path forward for the global energy industry.
“It’s clear that Asia’s emerging economies have entered a historic phase of industrialization and urbanization,” Peter Voser, chief executive of energy giant Shell, said at the ongoing World Energy Congress in Daegu, South Korea. “The pace of change is almost inconceivable.”
Shell estimates that energy demand across Asia will double over the next 50 years, with China and India the main growth drivers for at least the next two decades.
“This is not only transforming Asia’s energy system, but also the world’s,” Voser said.
The geographical shift in global energy consumption is already becoming clear. China passed the United States in September as the world’s biggest net oil importer, driven by faster economic growth and strong auto sales, according to data released last week by the U.S. Energy Information Administration.
In August, energy consultancy Wood Mackenzie predicted that China will be spending $500 billion per year on crude oil imports by 2020 to meet rising demand.
As a result, members of the Organization of Petroleum Exporting Countries would be “compelled to shift their focus” from the United States toward China, Woodmac said.
(Excerpt) Read more at japantimes.co.jp ...
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