Optimizing to meet global demand and higher living standards

What will life look like in 2050?

Imagine smart cities, virtual reality, artificial intelligence and electric vehicles becoming even more integral in our daily lives. But here’s the unexpected part: liquid fuels like diesel and jet fuel will still be in high demand.

This may seem surprising, but it’s not. It’s a reflection of a sharp decrease in global poverty and global population growth.

Prosperity brings change

How much has global poverty decreased? According to the World Bank Group, it fell from 26.8% in 2002 to 9% two decades later.

This rise in prosperity has led to increased demand for the products ExxonMobil has been making for more than 150 years.

Add to that a growing population–about 25% more people in the world by 2050, by our estimates–and global energy demand is expected to rise even further.

With more people in more countries seeking access to transportation, the energy needed for transportation is expected to increase by more than 20%.

Gasoline demand is projected to fall, but liquid fuels will remain essential for the commercial transportation sector—particularly in countries across Africa and Asia, where the middle class is expanding every day

According to the U.S. Energy Information Administration (EIA), petroleum liquids like diesel and jet fuel will continue to meet most transportation energy demands through 2050. 

During that same time, the EIA also projects jet fuel demand to increase at a faster rate than any other liquid transportation fuel. 

And right now, there’s no suitable replacement for liquid fuels.

The future of energy

In 2050, more people will be driving electric vehicles. But when it comes to powering those big diesel rigs, cargo ships and air carriers that crisscross time zones and continents, the energy density of diesel and jet fuel is tough to beat.

That’s where we step in.

No other international oil company matches our scale when it comes to chemicals, lubricants and fuels. Over 80% of our facilities are integrated, meaning our refining and petrochemical units are interconnected.

This unique setup allows us to adjust and reconfigure our assets to meet customer demands, by optimizing infrastructure and adding capacity as needed.

While we’re pioneering technology that helps reduce GHG emissions—like fast-charging battery materials, renewable diesel and sustainable aviation fuel—we’re also ensuring that heavy transport—on the ground, at sea and in the air—has the energy it needs to get people and goods where they need to go.

Since the 1800s, we’ve been adapting our business to meet society’s evolving energy needs. All these years later, our mission remains unchanged.