$40 TRILLION AND SLAVERY TO OLD MASTERS

Energy Supply Requires $40 Trillion Investment to 2035, IEA Says

Grant Smith, June 2, 2014 (Bloomberg BusinessWeek)

“Meeting the world’s energy supply needs by 2035 will require $40 trillion of investment, as demand grows and production and processing facilities have to be replaced, the International Energy Agency said…More than half of that amount will be needed to compensate for declining output at mature oil and gas fields, and the remainder on finding new supplies to meet rising demand…The world will increasingly rely on countries that restrict foreign companies’ access to their oil reserves, as North American shale output tails off from the middle of next decade, it predicted…restoring the importance of supplies from the Middle East and the Organization of Petroleum Exporting Countries…Spending on extracting oil and gas worldwide will climb by 25 percent to $850 billion a year by 2035, with most of this concentrated in natural gas…Global markets will tighten if investments in the resource-rich Middle East are too slow, pushing oil prices $15 a barrel higher on average in 2025…Brent futures averaged $108.70 a barrel last year…About half of the $40 trillion spent on energy through to 2035 will be on extraction, refining and transporting fossil fuels…” click here for more

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