Natural gas and petroleum (hydrocarbons) will be a critical energy source for decades
There are three pillars required to achieve energy security: energy reliability, energy resilience and energy efficiency. Natural gas is at the forefront of these pillars because it is an abundant and affordable fuel that promotes the economic growth and reduces emissions. This advantage translates to supporting nearly 10 million jobs, improving air quality and strengthening our national security.1
Global energy consumption has increased dramatically in recent years and is projected to continue to increase until 2045. Oil and natural gas are expected to continue to be critical energy sources to meet this growing demand.4
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Alongside growth in renewable energy consumption, global natural gas demand will increase approximately 33% through 2045 as consumers across the globe continue switching to natural gas from greater emitting energy sources.5
Fast-growing developing countries will spur demand for oil for decades, and the U.S. is the largest oil and natural gas producer in the world with smaller GHG emissions intensity than other large producers.6
Energy density is the amount of energy stored per unit volume or mass. Hydrocarbons are a million times more energy dense than wind or solar energy. That means less materials, mining, manufacturing, and land area to provide the equivalent energy output compared to any alternative source of energy.7
Hydrocarbons are essential for steel, cement, plastics, and fertilizer – the foundation of modern civilization.
Hydrocarbons, in particular natural gas, are essential to make nitrogen fertilizers. At least half the recent global crop harvests have been produced thanks to the application of fertilizers. Without modern nitrogen fertilizers, we could feed only about half of today’s humanity.8
Plastics are produced from natural gas, feedstocks derived from natural gas processing, and feedstocks derived from crude oil refining.9
Plastics have worldwide applications from outerwear to electric cars, to wind towers and solar panels. Cellphone casings and eyeglass frames are plastic, as well as many of the tools in a hospital operating room. Many jet plane frames are made from high-strength, petroleum-derived carbon fiber.10
Oil products have been crucial for dealing with the pandemic, from protective gear for emergency staff to the lipids that are part of the Pfizer and Moderna vaccines. Even the popular headache medicine Acetaminophen — including such brands as Tylenol and Panadol — is a petroleum-derived product.9
Based on IEA Data from IEA (2022) World Energy Outlook, World Energy Outlook 2022 Analysis - IEA. All rights reserved; as modified by Kinder Morgan. STEPS (Stated Policies) scenario.
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