The sun sets on cheap global oil supplies
Last updated on June 6th, 2017 at 11:45 am
Common sense dictates that the UK’s energy needs cannot be met by renewable energy technology alone.
However, with plans for the coalition government to abandon nuclear energy a possibility, it would leave our country no choice but to place all energy dependency on exports, mainly Russia and Middle Eastern countries.
The golden age of oil has peaked, and with continued global demand from East Asian economies, global oil prices continue to rise. Forecasts paint a grim future with Shell recently stating the unknowns for the ability to supply such high demands on depleting sources.
While no single energy source is the Holy Grail, we do need a mix of all technologies. One advantage micro generation systems have over traditional power stations is the ability to be deployed immediately compared with the time lag for the building of new power stations.
The US Joint Forces Command has already suggested that any spare capacity in global oil production may very well disappear around 2012, with a shortfall of 10m barrels per day developing by 2015.
Add to that the fact that the majority of people in the world today use a fraction of the energy used by those in developed countries, one could easily expect a tripling of energy demand globally as countries strive to improve their living standards.
While there is a widespread agreement that fossil fuel must eventually be abandoned, there seems to be no agreement on which alternative technologies can take their place.
The efficiency of the new technologies still has to be improved further, with an emphasis for a need to moderate cost and legislation to support future energy resources. We cannot forget that oil is not only our reliant energy resource, but we also use it in many, various ways, such as plastics, and what isn’t made from plastics nowadays?
Even a modest increase in oil prices will lead to third world farmers unable to transport or harvest their crops. Most of the world is struggling to cope with current prices. Newly developed countries like China and India’s new middle classes will be acquiring cars, cars with internal combustion engines, hundreds of millions of them.
Stuart Lovatt from Heat my Home, adds, “If the American military is suitably worried about the problem, then the rest of us certainly need to take stock as to where oil is leading us. To see the future you need only to look back. From there, you can see the beginning, and then work out the end scenario.”
"Feel the pride."Stuart Lovatt April 21, 2011
Founder of Heat My Home.