U.S./World=6

The oil and gas industry is currently grappling with fears of both oversupply and weakened demand. Demand side weakness is tied to tariffs, strength of the dollar, and a slow but apparently inexorable increase of market share for renewables and green alternatives to the traditional hydrocarbon supply of needed global BTUs. Increasing supplies of power generated by wind and solar are finding their way into the nation’s power grid, and utility scale storage systems, such as Tesla’s Megapack, upgrade the reliability of power delivery from these sources. (Source: https://techcrunch.com/2019/07/29/tesla-has-a-new-energy-product-called-megapack/) Utilities around the country are looking to slow or cease deployment of natural gas fired peaker plants (plants that fire up when demand use is projected to peak) in favor of lean alternatives. For example, Glendale, California, decided to drop a planned $500 million gas peaker project in favor of cleaner, greener alternatives. On-demand battery storage at scale should spur the deployment of charging stations for electric vehicles, therefore reducing demand for gasoline or diesel. Trying to project energy demand growth is a murky prospect at best, but the following sources make these notable claims: DNV-GL—global demand begins to flatten in 2030 (https://www.ourenergypolicy.org/wp-content/uploads/2017/09/DNV-GL_Energy-Transistion-Outlook-2017_oil-gas_lowres-single_3108_3.pdf) Global Energy Institute—global energy demand grows by 27%… continue reading

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