- Joined
- Mar 24, 2009
- Messages
- 16,743
The National Energy Board(NEB) on Tuesday said falling demand for energy will keep supply and demand "in balance" to 2020.
In an update to a 2007 study, the NEB said fossil fuels will be the dominant source of energy supply, and there will be a continued shift from conventional oil and gas production to non-conventional sources such as shale, tight gas and oilsands. Alternative sources, such as wind, will also continue to grow -- albeit from a lower base level than conventional resources, it added.
Despite wide fluctuations in prices, supplies of oil and gas, coal and electricity are expected to be sufficient to meet demand over the next decade, the report said.
"Both industry and Canadians are adjusting to a changing energy environment," NEB chairman Gaetan Caron said in a statement. "Although there will always be uncertainties with major implications, our energy sector is keeping in balance with the current economic and environmental shifts."
Under the board`s reference case, oil prices would average $50 US a barrel in 2009, about half of last year`s level. Likewise, natural gas will fall to about $4 per million British thermal units compared with $9.04 for all of 2008.
Read the full article here.
In an update to a 2007 study, the NEB said fossil fuels will be the dominant source of energy supply, and there will be a continued shift from conventional oil and gas production to non-conventional sources such as shale, tight gas and oilsands. Alternative sources, such as wind, will also continue to grow -- albeit from a lower base level than conventional resources, it added.
Despite wide fluctuations in prices, supplies of oil and gas, coal and electricity are expected to be sufficient to meet demand over the next decade, the report said.
"Both industry and Canadians are adjusting to a changing energy environment," NEB chairman Gaetan Caron said in a statement. "Although there will always be uncertainties with major implications, our energy sector is keeping in balance with the current economic and environmental shifts."
Under the board`s reference case, oil prices would average $50 US a barrel in 2009, about half of last year`s level. Likewise, natural gas will fall to about $4 per million British thermal units compared with $9.04 for all of 2008.
Read the full article here.