Wednesday, April 28, 2021

Cutting Edge Petroleum

 

                                   Cutting Edge Petroleum
Oil is the basic energy source for emerging economies. But the West is pretty much developed so they are rising above oil. As for the developing economies, "Let them drive Teslas!" 
 Department of Energy forecasts that fossil fuels will still be the dominant energy source, providing 77% of our energy needs in 2050. Even after billions of dollars in taxpayer subsidies for renewable energy, all renewables together (including hydroelectric power, biomass, solar, and wind) last year provided only 9.9% of America’s energy, which was just slightly greater than the 9.3% share that renewables provided 72 years ago in 1949 – that’s not a lot of progress for the politically popular but very expensive renewables.  Politically popular solar and wind, those two energy sources combined provided only 4.4% of America’s energy in 2020 – an almost insignificant amount, especially solar’s contribution of only 1.3% and, in 2050, all renewables together are forecasted to provide only 17.5% of our nation’s energy, compared to the fossil fuel share of 76.7%.

No comments: