Demand for oil will increase by one-third, yet we now produce 39% less oil than we did in 1970. Consumption of natural gas is expected to increase by 62% over the next two decades. More than 61% of US residences (58 million homes and apartments) are heated with natural gas.
But 40% of our domestic gas resources are now off limits or so restricted that development is virtually impossible. Electricity demand will increase by 45% over that same period, owing at least in part to the growth of power-hungry information technology. In the multifamily sector, 42% of all units built in 1999 featured natural gas heat; 56% of those new units featured electric heat. Coal currently provides more than 50% of electricity generation.
Unless remedial steps are taken immediately, the consequences will ripple with greater severity throughout all sectors of the economy. Small property owners are particularly vulnerable and are already feeling the crunch.
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