World Watch Institute: Fossil Fuel Production Up Despite Recession

Fossil Fuel Production Up Despite Recession, by James Russell. October 15, 2009

  • “World production of fossil fuels-oil, coal, and natural gas-increased 2.9 percent in 2008 to reach 27.4 million tons of oil equivalent (Mtoe) per day. In the first half of the year, producers strained to meet global demand, but when the recession took hold later in the year the market was swamped by excess supply. Energy prices reflected this shift: oil peaked at $144 per barrel in July, then fell to $34 per barrel in December.2 Continuing a decade-long trend, most of the growth was in the Asia-Pacific region, where production grew 6.3 percent.”
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