Sweetwater, Texas, once thought to hold more oil than Saudi Arabia, is bracing for layoffs and budget cuts, as oil prices fall.
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For Saudis, falling oil demand is the biggest concernAs the world's oil producers wring their hands over a global glut that's pushing down prices, evidence is mounting that Saudi Arabia is more concerned about shrinking demand. With costs falling for clean energy and international attention focused on slowing climate change, the Saudis are more worried that the world is inching closer to peak demand.Oil supplied 31 percent of the world's energy in 2012, compared with 46 percent in 1973, the IEA said. Even as oil prices dropped 48 percent last year, the most since 2008, global production rose 2.1 percent to 93.3 million barrels a day, according to the IEA. World consumption will reach 104 million barrels a day in 2040, from 90 million barrels a day in 2013, the IEA estimated. The U.S. Energy Information Administration projected daily demand reaching 117.05 million barrels in 2040, Exxon Mobil Corp. predicted 114 million barrels, and OPEC forecast 111.1 million. Investments in clean energy rose 16 percent to $310 billion in 2014, the first increase in three years, according to Bloomberg New Energy Finance. Solar and wind installations will grow 10 percent this year, BNEF said in a Jan. 9 report.
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