The Outlook for Energy is ExxonMobil’s long-term global view of energy demand and supply. Its findings help guide ExxonMobil's long-term investments, and the company shares the Outlook to help promote better understanding of the issues shaping the world’s energy future. Updated each year, the latest edition covers the period to 2040.
Oil History & Common Uses
Oil has been known and used since ancient times and has been mentioned by most historians since the time of Herodotus (5th Century BC). At that time it was used chiefly as a liniment or medicine, not as a fuel.
New Energy Technologies
New energy technologies will open up new energy sources, and new end-use technologies will reshape demand patterns, just as they have for the last 150 years. It is important to remember, however, that these shifts happen slowly, over the course of decades. Free markets, open trade, and stable legal, regulatory and tax frameworks will facilitate these positive transformations. Change in energy use and technology development is an evolutionary process, but one that often has revolutionary impacts.
Oil & Gas Industry
The oil and gas industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.