U.S. Petroleum Report Sees Demand Outpacing Production

To bridge the supply-demand gap the report called for ramping up development of biomass fuels such as ethanol and biodiesel, liquefied coal and unconventional crude oil sources such as oil from tar sands, ultra deep water areas and shale oil.

Published: 17-Jul-2007

WASHINGTON (AP) - Conventional crude oil supplies won't keep up with growing global demand in the next 25 years and other fuels from ethanol to liquefied coal and oil from tar sands will be needed to close the gap, says a draft oil industry report.

The draft report by the National Petroleum Council, an advisory group to the U.S. federal government, is unusual in its emphasis on the need for a broad range of supplemental fuels and conservation to meet future petroleum needs.

The document, titled "Facing the Hard Truths about Energy," is to be approved by the 175-member council Wednesday and then presented to Energy Secretary Samuel Bodman. A copy was provided to reporters Monday.

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