According to research done by Chevron, global energy consumption is expected to increase by 36% by 2035. They attribute this growth to the general population increase as well as increased energy consumption. The majority of this growth is expected to take place in countries with emerging economies such as China and India. The demand for energy in China alone is expected to increase by a staggering 75%.
In essence, Chevron is expecting the demand curve to shift to the right as consumption increases. With supply remaining the same this will drive energy prices up. Chevron also has a plan to shift the supply curve to the right in order to keep up with demand. They are "finding and developing conventional and new sources of oil and gas, using energy more efficiently, and investing in renewables and the next generation of energy sources." As they shift the supply curve to the right this will keep prices lower and provide more economic profit for Chevron.