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POLI-1007EL Study Guide - Quiz Guide: World Energy Outlook, List Of Association Football Teams To Have Won Four Or More Trophies In One Season, Unconventional Oil


Department
Political Science / Science politique
Course Code
POLI-1007EL
Professor
Michael Johns
Study Guide
Quiz

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Global Energy Politics
Many of the long-held tenets of the energy sector are being rewritten. Major importers
are becoming exporters, while countries long-defined as major energy exporters are also
becoming leading centres of global demand growth. The rise of unconventional oil and
gas and of renewables is transforming our understanding of the distribution of the
world’s energy resources. Awareness of the dynamics underpinning energy markets is
essential for decision-makers attempting to reconcile economic, energy and
environmental objectives.
The centre of gravity of energy demand is switching decisively to the emerging
economies, particularly China, India and the Middle East, which drive global energy
use one-third higher. China is about to become the largest oil-importing country, while
India becomes the largest importer of coal by the early 2020s. Southeast Asia likewise
is emerging as an expanding demand centre. The US moves steadily towards meeting
all of its energy needs from domestic resources by 2035. Together, these changes
represent a re-orientation of energy trade from the Atlantic basin to the Asia-Pacific
region.
High oil prices, persistent differences in gas and electricity prices between regions and
rising energy import bills in many countries focus attention on the relationship between
energy and the broader economy. The links between energy and development are
illustrated clearly in Africa, where, despite a wealth of resources, energy use per capita
is less than one-third of the global average in 2035. As the source of two-thirds of global
greenhouse-gas emissions, the energy sector will be pivotal in determining whether or
not climate change goals are achieved. Although some carbon abatement schemes have
come under pressure, initiatives such as the President’s Climate Action Plan in the
United States, the Chinese plan to limit the share of coal in the domestic energy mix,
the European debate on 2030 energy and climate targets and Japan’s discussions on a
new energy plan all have the potential to limit the growth in energy-related CO2
emissions.
WHO HAS THE ENERGY TO COMPETE?
Large differences in regional energy prices have sparked a debate about the role of
energy in economic growth. Brent crude oil has averaged $110 per barrel in real terms
since 2011. But prices of other fuels have been subject to significant regional variations.
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