Energy transition represents a US$14 trillion uncertainty for upstream oil and gas - Wood Mackenzie 24 May 2021 The energy transition represents US$14 trillion worth of uncertainty for upstream oil and gas, according to a new report by Oil and gas is a risky business. Over the years, those risks have been tempered by a single tenet – that demand would continue to rise indefinitely. As the energy transition gathers momentum, that belief has all but evaporated. Oil demand may continue to grow for another decade or more. On the other hand, if the world acts decisively to limit global warming to 2°C by 2050 – our AET-2 scenario – oil demand and prices would fall rapidly later this decade. Gas demand and price, however, would be more resilient.