Coal to Become Main Source of Energy by 2020?

OilPrice.com reported that according to a recent report from Wood Mackenzie, coal is poised to overtake oil to become the world’s main source of energy by 2020. The prediction is based on the idea that coal will “satisfy almost half of power demand growth” in China over the next eight years.

As quoted in the market news:

Analysts forecast a 25% rise in global coal consumption by the end of the decade to 4,500 million tons of oil equivalent, overtaking oil at 4,400 million tons.

‘China and India’s aggressive power requirements will be responsible for coal’s burgeoning role in energy but US, Europe and Asia will still contribute to coal demand…we expects existing carbon policies to have a muted impact. Instead, the pace of coal demand will be influenced more by local governments of emerging markets needing to balance economic growth, energy demand and environmental needs,’ the study says.

Click here to read the full OilPrice.com report.