Martin Wolf:
In its World Energy Outlook 2011, the IEA remarks that “[i]n all the scenarios examined … natural gas has a higher share of the global energy mix in 2035 than it does today”. Under its “golden age” scenario, gas demand grows by 2 per cent a year between 2009 and 2035. Even under a more cautious scenario, which it calls “new policies”, demand grows at 1.7 per cent a year or by a total of 55 per cent over this period. As a result, gas substitutes for other fuels, particularly in electricity generation and heating. Gas also has substantial potential as a fuel for transportation. Overall, argues BP in its latest Energy Outlook, by 2030 gas might come to rival coal and oil as a primary energy source.
So the drop from $7.50 average through all of 2009 down to the current $2.50 area today means a golden age has begun? And this 65% drop was considered as part of “all the scenarios examined”? Who writes this crap?
Let me stick to technicals and flush fundamentals where they belong.