In March, US President Donald Trump issued the “Energy Independence” executive order, requiring the US Environmental Protection Agency to rewrite the Clean Power Plan, a keystone of former President Obama’s efforts to address climate change. According to experts from the Trump administration, rejecting federal support for alternative energy and delaying the full transition of the US economy to renewable resources will reduce the US budget by approximately 18 percent.
While the executive order may seek to revive the coal industry by allowing development of US coal deposits, the US will face challenges meeting the order’s twin aims for energy self-sufficiency and a zero trade balance. The US will have to compete for market share with other coal producers during a period when forecasts show production of coal globally will outstrip growth in coal consumption.
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The first half of 2018 saw a continuation of the pickup in global economic growth and industrial production which has supported global steel output and thus demand for metallurgical coal. Metallurgical coal is used to produce coke for steel manufacturing and it is a less abundant form of coal. As China is fastest growing economy and highest share of world metallurgical coal importer (24% in 2017) as a result, China is one of the highest world’s metallurgical coal consumer which is contributed increase in worlds consumption of the coal.
According to the latest BP Statistical Review of World Energy, total global reserves, by fossil fuel, are now: Coal - 1,139 billion tonnes Natural Gas - 187 trillion cubic meters Crude Oil - 1,707 billion barrels While these volumes may seem large at a glance, at today's level of extraction and production rates, BP's estimated proved reserves*, by fossil fuel, would be exhausted as follows: Coal - year 2169 Natural Gas - year 2068 Crude Oil - year 2066 BP dutifully acknowledges the abundance of factors that could easily alter these projections, but these factors do not alter the global policy imperitive to support sustainable fossil...
Source: BP Statistical Review of World Energy June 2015
Energy Production Forecast | Energy Consumption Forecast Source: BP Energy Outlook 2035, February 2015