Fossil fuel use grows, but it is the slowest since the late 90s

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P recently released its Statistical Review of World Energy 2015 and found that consumption of fossil fuels in 2014 continued to increase despite primary energy consumption just 0.9 percent higher, which, absent the financial crisis, is the slowest growth of global energy demand since the late 1990s.

Global oil consumption grew 0.8 percent in 2014, while natural gas and coal consumption each increased by 0.4 percent. Despite these increases, the leaders of the G7 countries (United States, Germany, France, UK, Italy, Canada, and Japan) agreed to phase out the use of fossil fuels by the end of the century.

According to BP, the United States is now the world leader in both oil and natural gas production, regaining the title in oil, which it last held in 1975.

The United States produced 11.6 billion barrels of oil in 2014—an increase of 16 percent over 2013 levels–to overtake both Russia and Saudi Arabia—the latter producing 11.5 billion barrels.

U.S. oil production grew by 1.6 million barrels per day, making the United States the only country in the world ever to record three consecutive years of 1 million barrel-a-day or more growth.

U.S. oil production in 2014 exceeded the previous peak level of U.S. production set in 1970. The 11.6 billion barrels of U.S. oil production in 2014 is made up of oil, condensate, and natural gas plant liquids.

Read the Institute for Energy Research story - “Global Consumption of Fossil Fuels Continues to Increase”.