By Andy May – Re-Blogged From http://www.WattsUpWithThat.com
ExxonMobil released its 2017 Outlook for Energy, A View to 2040 in mid-December. David Middleton has written that the report reveals wind and solar will supply a whopping 4% of global energy by 2040! He also reports that wind and solar capacity will grow, but we will only be able to utilize 30% of the wind capacity and 20% of the solar capacity due to their intermittent nature. This is true, but the report has much more to say and this year the nomination of ExxonMobil CEO Rex Tillerson for Secretary of State makes it even more important. Here we will cover some the other numbers in the report.
The cost of energy is closely correlated to standard of living. In addition, it has often influenced major political decisions, like Germany’s decision to invade Russia or Japan’s decision to bomb Pearl Harbor in World War II. Figure 1 shows the relationship between per capita GDP (one standard measure of standard of living) and annual per capita electricity consumption for 218 countries in the CIA Factbook. Excluding the anomalous countries listed in the upper right of the figure the R2 is acceptable. The least squares line suggests that each 0.2 kWhr/person of electricity consumed annually can raise GDP by one dollar per person. Obviously, other factors are important also, but the trend suggests that per capita GDP is positively influenced by the electricity consumed or that countries with a higher standard of living use more electricity.