Global demand for energy has been growing at a rate far above our current production capacity. This differential has resulted in a diminished supply of spare resources and a spike in prices. The problem is not necessarily caused by a lack of resources, but a lack of cost-effective resources. We are nearing depletion of easily accessible oil, and, as a result, will be forced to turn to other, more expensive options. Some of these options include deep-sea drilling, production in areas of political unrest, extraction from tar sands and heavy oil, which is a type of crude oil that is challenging to produce.
These options are far more costly to pursue and therefore contribute to energy price increases. Another option is to turn to other types of fossil fuels: coal and natural gas. However, these alternatives have met with strong public opposition. Coal mining can have detrimental effects on the environment, specifically through methods such as mountain-top removal. Natural gas requires receiving terminals in our ports, which pose the risk of liquefied natural gas fireballs. However, even if we manage to shift our dependency to other fossil fuels, we will start to run out by the end of the century. As energy consumption continues to rise, it is imperative that we find a way to live without a reliance on fossil fuels to protect the planet's climate and preserve the fuels for future generations. [Read full article]
Wes McDaniel - TAC Inc