1.2 Increasing Energy Demand
The energy needs of most of the advanced economies in the Western world are increasing at a modest level. However, in some of the developing economies, where the economy is booming, energy demands are increasing dramatically, e.g., in India. Figure 1.2 below shows the latest gross domestic product (GDP) growth rate of the countries of the world in April 2022. While advanced economies had a 3.3% annual percent change in real GDP growth, emerging and developing Asia had a 5.4% annual percent change in real GDP growth with India having an 8.2% annual percent change in real GDP growth. However, if many of the third-world countries were to dramatically increase their standard of living, there are estimates that worldwide energy consumption would double (the world uses ~13 TW). But where would that energy come from, particularly since there aren't huge stockpiles of crude oil sitting around? Petroleum cannot supply it all, and neither can natural gas or coal.