Final answer:
The world's energy budget is currently dominated by three primary sources: oil, coal, and natural gas, together making up about 80% of global energy production. While oil is essential for transportation, coal and natural gas are chiefly used for electricity generation. However, the share of renewable energy is increasing rapidly and is projected to become the most used energy source by 2050.
Step-by-step explanation:
The Three Most Significant Primary Energy Sources
The three most significant primary energy sources that currently make up the world energy budget are fossil fuels: oil, natural gas, and coal. These resources are responsible for about 80% of the total energy production in the U.S. and play a similar role globally. Despite environmental challenges, including air and water pollution and high carbon dioxide emissions, these sources have remained dominant due to their current cost-effectiveness and reliability in providing energy. However, the landscape is changing with increased renewable energy consumption, as technologies like solar, wind, and hydroelectric power are the fastest growing energy sources, expected to surpass petroleum by 2050.
Oil is predominantly used in transportation and is a major energy source worldwide, but it has significant security issues due to its concentrated reserves in specific regions. Coal has traditionally been a primary source for electricity generation but is gradually being replaced by natural gas, which produces less carbon emissions. As renewable energy technologies become more efficient, it's anticipated that their role in the energy budget will grow substantially in the coming years.