Exxon Mobil expects demand growth to be 35% between 2010 and 2040 Oil and natural gas expected to continue to meet nearly 60% of global energy demand. Driving increased energy demand is anticipated population growth and a projected doubling of the global economy - at an annual growth rate of nearly 3% - largely in the developing world. Liquid fuels will remain the energy of choice for most types of transportation. An expected 25% increase in demand for oil will be met through technology advances that enable deep-water production and development of oil sands and tight oil. Natural gas will continue to be the fastest-growing major fuel source as demand increases by about 65%. Natural gas is projected to account for more than one quarter of all global energy needs by 2040 and it is expected to overtake coal as the largest source of electricity. Nuclear energy will see solid growth despite some countries scaling back their nuclear expansion plans following the 2011 Fukushima incident in Japan. Renewable energy supplies will grow by nearly 60%. Wind, solar and biofuels are likely to make up about 4% of energy supplies in 2040. Energy used for power generation will continue to be the largest component of global demand and is expected to grow by more than 50% by 2040.
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