by GWPF, June 12, 2019 in TheWallStreetJournal
World-wide energy demand grew at its fastest rate since 2010
The shale revolution powered U.S. oil and gas production in 2018 to the largest annual increases ever recorded by any country, according to energy giant BP PLC .
Surging global energy demand is fueling the production boom, even as oil and gas prices rise and economic growth slows, said BP’s annual statistical review published Tuesday.
World-wide demand for energy grew 2.9% in 2018, its fastest rate since 2010.
Unusual weather spurred some of the stronger-than-expected growth, as a greater number of extremely hot and cold days drove up air conditioning and heating use around the world, particularly in China, the U.S. and Russia, the company said.
In the U.S., energy consumption rose by 3.5% in 2018, with oil at 20.5 million barrels a day and a total of 817 billion cubic meters of gas consumed during the year.