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Houston, Texas (11 May 2016) – Today, the U.S. Energy Information Administration (EIA) issued the International Energy Outlook 2016, which projected that world energy consumption, led by increases in the developing world, will increase by 48% over the next thirty years. Particularly, the EIA noted that developing Asia accounts for more than half of the projected increase in global energy use through 2040. In response, IADC President Jason McFarland issued the following statement:
“The EIA’s International Energy Outlook is a perfect reminder of how vital hydrocarbons are to fueling our world and how misguided the ‘Keep it in the Ground’ rhetoric is to ensuring the world has plentiful and affordable energy. Even with the tremendous gains in renewable energy, the reality is that the world-wide consumption of energy will rise over the next three decades and a substantial amount of hydrocarbons will still be needed to heat our homes and fuel our cars.”
“IADC members are committed to drilling for oil and natural gas safely and in an environmentally conscious manner and are proud that their hard work helps to keep the lights on across the world.”
Since 1940, the International Association of Drilling Contractors (IADC) has exclusively represented the worldwide oil and gas drilling industry. IADC’s mission is to catalyze improved performance for the drilling industry by enhancing operational integrity and championing better regulation to facilitate safer, cleaner and more efficient drilling operations worldwide. For more information, visit the IADC website at www.iadc.org.