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Hybrid Vehicles

December 8, 2011 by staff 

Hybrid Vehicles, Exxon Mobil Corp. expects to see more and more hybrids on the world’s roads, with gas-sipping models like the Toyota Prius making up half of all vehicles by 2040.

The largest publicly traded oil and gas company on Thursday released its annual energy outlook. It says the use of hybrids — vehicles that rely on both gas and electricity for power — and other gains in fuel efficiency will keep energy demand in check in the U.S. and other major industrialized countries for years.

Exxon predicts that energy demand will remain flat through 2040 in developed nations.

However, Exxon says that China and other developing nations will continue to increase their thirst for oil and other petroleum based fuels. Energy demand within developing nations is expected to rise nearly 60 percent from 2010 to 2040.

Overall, gains in efficiency will cut fuel consumption and help the global economy. Exxon predicts that from now to 2040, world GDP will grow an average of 2.9 percent per year while energy demand to grow by only 0.9 percent.

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