The Center on Global Energy Policy hosted Laszlo Varro, Head of Gas, Coal, and Power Division at the IEA, for a presentation and discussion of the IEA's 2012 Medium-Term Coal Market Report. In its report the IEA finds, among other things, that while coal demand is declining in the U.S. it will come close to surpassing oil as the world's top energy source by 2017. According to the IEA, the world will burn around 1.2 billion more tons of coal per year by 2017 compared with today – more than the current annual coal consumption of the United States and Russia combined. China and India combined are expected to account for more than 90 percent of the increase in global coal use over the next five years (70 and 22 percent, respectively). The report also notes that in the absence of a high carbon price, only fierce competition from low-priced gas can effectively reduce coal demand.