Bjorn Lomborg graphics using IEA data:
Wisdom from Dan Yergin:
The 19th century is known as the “century of coal,” but, as the technology scholar Vaclav Smil has noted, not until the beginning of the 20th century did coal actually overtake wood as the world’s No. 1 energy source. Moreover, past energy transitions have also been “energy additions”—one source atop another. Oil, discovered in 1859, did not surpass coal as the world’s primary energy source until the 1960s, yet today the world uses almost three times as much coal as it did in the ’60s.
Aissatou Sophie Gladima, the energy minister of Senegal, put it more pithily: Restricting lending for oil and gas development, she said, “is like removing the ladder and asking us to jump or fly.”
Christyan Malek, JPMorgan’s top energy strategist: That intrinsic demand that is not visible is so significant that we don’t see demand peaking – I don’t think we’ll see [oil] demand peaking in our lifetimes,” he said. “Particularly as demand growth in [emerging markets] continues to surprise the upside.”
Alex Epstein graphic:
Bud's Offshore Energy (BOE) 