The International Energy Agency has released its annual World Energy Outlook, and it’s fair to say that the outlook is, um, not good. World energy demand is projected to surge by 55 percent by 2030, with China and India accounting for nearly half of that increase and China overtaking the U.S. as the globe’s primary energy glutton. Think $100-a-barrel oil is spendy? That’s nothin’, says the IEA, which predicts the price of crude could reach $159 by 2030. The IEA also expects a 73 percent jump in demand for coal by 2030. Relatedly, it predicts that greenhouse-gas emissions will be 25 percent higher in 2030 than they are now, barring “exceptionally vigorous policy action by all countries.” Ha ha ha! Thanks, we needed a good laugh. Says IEA Chief Economist Fatih Birol, “I am sorry to say this, but we are headed toward really bad days.”
