Oil will be toppled as North America’s primary energy source This particular year, according to risk management firm DNV GL, with natural gas along with electrification set to reshape the region’s energy future.
The Norway-headquartered firm said Monday of which overall energy demand within the U.S. along with Canada would certainly continue to decline over the coming months, as improving efficiencies within the transport sector dramatically reduce North America’s reliance on oil.
“Energy efficiency is actually going to outpace the growth in GDP (gross domestic product), of which’s the main reason why energy demand is actually peaking,” DNV GL’s group president along with CEO Remi Eriksen told CNBC’s “Squawk Box Europe” on Monday.
“(along with) there will be a massive change in technology within the transport sector, not only on the roads nevertheless also at sea,” he added.
In a separate report published Monday by DNV GL, the company said “natural gas is actually set to overtake oil as the region’s largest single energy source (This particular year) along with remain the dominant source until 2050.”