The recent annual meeting of international energy technology firm Baker Hughes brought together leaders from around the world to discuss the global energy outlook. As I joined the discussion, I was struck by the alignment among diverse individuals and perspectives on facts and realities that often get lost in Colorado’s debates. The reality is that global energy demand is growing rapidly, with oil consumption projected to increase by an additional million barrels per day in 2027.
The Rise of Global Energy Demand
Global oil consumption today stands at nearly 105 million barrels per day, and the U.S. Energy Information Administration projects that world energy use could rise nearly 50% by 2050. This growth is driven by increasing global population, economic expansion, and urbanization. Furthermore, the rapid expansion of artificial intelligence and data centers is reshaping electricity demand, with global data center power use on track to more than double in 2026 compared to 2022 levels.
The Need for a Framework that Balances Demand and Sustainability
Baker Hughes’ CEO Lorenzo Simonelli opened the conference by challenging participants to think differently about the path forward. He described the need to “rewrite the energy equation.” This requires a framework that recognizes demand while balancing three essential priorities: sustainability, affordability, and security. Solving this equation demands pragmatism, technological innovation, and a broad mix of fit-for-purpose energy solutions rather than rigid, one-dimensional approaches.
Maximizing Existing Assets and Deploying Next-Generation Technologies
Across multiple sessions, ministers spoke candidly about maximizing existing assets while deploying next-generation technologies. Oil and natural gas were discussed not as obstacles, but as enablers, supporting grid stability, and economic growth while continuing to reduce emissions. Infrastructure projects, such as hydrogen fuel cells and carbon capture technology, are being explored as potential solutions.
Why Colorado’s Stance is Misguided
Colorado’s recent regulations on the oil and gas industry have hindered the sector’s ability to adapt to changing energy demands. By prioritizing emission reduction over economic growth and energy security, Colorado’s approach neglects the global reality of increasing energy demand. The state’s focus on renewable energy sources, while important, should not come at the expense of existing assets that can support a more sustainable future.
What’s Next for Global Energy?
The global energy landscape is shifting rapidly, and leaders must adapt to meet the demands of an increasingly complex world. As the world approaches 2050 and the projected increase in energy use, it is essential that we develop frameworks that balance demand with sustainability and affordability. By embracing next-generation technologies and maximizing existing assets, we can create a more secure and prosperous future for generations to come.
Source: https://www.denverpost.com/2026/02/17/colorado-oil-gas-regulation-emissions/