Professor and author Michael J. Economides said today at the Marine Technology Society meeting in Houston that the world energy industry is strong and will grow stronger in the future, but not necessarily with oil. Economides says the future is in natural gas.
"We are not running out of oil or gas, but gas will take over oil. The industry will thrive and become stronger in the future," Economides said.
The transition to natural gas will reduce dependence on oil, and it will open up a more diverse group of countries with natural gas resources, Economides said. One of the countries he expects to see in a key role is Russia.
Economides said oil accounts for 40% of the US's energy resources. He breaks oil into two segments. Materials such as plastics and polymers make up 13%. Transportation accounts for the other 27%.
The transportation industry needs to move with the energy industry toward natural gas, Economides says, because we only use oil, not gas, to fuel transportation.
01/27/05
