A Brief Overview of the Global Fuel and Energy Sector for the Period 1970–2024 (Fossil Fuels, Alternative Energy, Shale Oil)

Abstract

The article examines the dynamics of primary energy production in the period from 1970 to 2024. The significance of various types of fuels and energy in this time period is also being assessed. Despite the growing production of alternative energy sources such as wind, solar, geothermal and biofuels, which accounted for 3.6% of the total global fuel and energy mix in 2024, fossil fuels still remain predominant. In the same year, its share was 88.8%. In recent years, there has been a steady increase in the production of alternative energy sources. If current trends continue, their share may increase significantly by 2036, reaching 13%. All types of fossil fuels are also showing steady growth in production. However, the most significant of them is oil, which in 2024 accounted for 35.1% of the total global fuel and energy balance. The US experience over the past 20 years clearly demonstrates that a reduction in conventional oil production can be significantly offset by shale oil and liquefied petroleum gases.