US and Global Dependence on Middle Eastern Energy Exports: 2004-2030
November 23, 2004
The election campaign is over and it is time for both parties, and the Administration and the Congress, to be honest about energy. The US can and must find substitutes for petroleum, but this will take decades. In the interim, the US and the global economy will actually become steadily more dependent on energy imports, and particularly on energy imports from the Gulf. The Department of Energy estimates that oil will account for some 39% of the world’s energy consumption through 2015, and that the US and its major trading partners in developing Asia will account for 60% of the increase in world demand through this period.