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Coal demand to rival oil within 5 years
Posted By -NO AUTHOR- On 12/19/2012 @ 11:43 pm In Money | No Comments
(OilPrice) The IEA (International Energy Agency), has just released its Medium Term Coal Market report in which it has predicted that coal will grow to rival oil as the world’s largest source of energy over the next five years.
The increase in coals popularity has been driven by the falling price, in turn caused by the shale gas boom in the US. The vast quantities of cheap shale gas in the US have drastically reduced demand for coal, which has led to an excess supply in the world market and therefore a drop in price.
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