A Quote by David Deming
The largest mistake would be to start to move away from petroleum, a proven and economic energy source, to more speculative and expensive sources...The world will eventually leave the age of oil, but there is no geologic reason for this to happen until near the end of the 21st century.
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With only 2 percent of the world's proven reserves of oil, we in the United States can pump until we are blue in the face and it will not change the fact that we need more diverse and more secure sources of energy.
But waiting for 'eventually' to prove the alarmists wrong is not the wisest course of action. Unfullfillable ambitions to stifle growth will devastate a world trying to deal with the complexities of economics, stability, and the environment. Quality of life depends on access to energy. Noble intentions about 'C02-free' sources of energy are not sufficient, if their agenda of eliminating coal as a source, and turning their back on nuclear, are allowed to be part of our near-term policies.
There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.
India is the Saudi Arabia of human resources for the 21st century. The power that we used to get from oil in 20th century, we will get it from people like you in 21st century.
The more traditional fuel sources we have relied on as a nation - coal, oil, and natural gas - I'm hoping they can allow us the financial springboard to move to the next generation of energy sources: renewables and alternatives.
So long as oil is used as a source of energy, when
the energy cost of recovering a barrel of oil becomes
greater than the energy content of the oil, production
will cease no matter what the monetary price may
be.
All told, these profit levels have put the world's five largest publicly traded oil companies on track to earn more than $100 billion before year's end. Yet, at the same time that Big Oil's bottom line is going up, so are Americans' energy costs.
Even as we work to develop more sources of petroleum for the United States, we must continue our vigorous pursuit of alternative fuels, so that we can be powered by cleaner, more efficient sources of energy.
The technologies for the alternative energy sources exists today. The economics are compelling. The public health is compelling. Why would we maintain a focus on a 17th-century technology, when there are 21st-century alternatives that are both necessary and available? And the answer is the subversion of democracy.
Green-tech could be the largest economic opportunity of the 21st Century.
We cannot continue to have an excellence gap with the rest of the world and intend to remain the [economic superpower] and [military superpower] of the planet. That's just not going to happen. We're in a position where unless we take action, we'll end up being the [France] of the 21st century: a lot of talk, but not a lot of strength behind it in terms of economic capability.
Speaking about our largest oil company Rosneft, and I recalled in the beginning that almost 20 percent of it [19.7] belongs to BP. Who's company is that? British Petroleum, isn't it? I suppose that is not bad. I have to tell that British Petroleum's capitalization is significantly related to the fact that it owns more than 19 percent of Rosneft, which has vast oil reserves both in Russia and abroad. This has its impact on the company's stability as well.
We are like tenant farmers chopping down the fence around our house for fuel when we should be using Nature's inexhaustible sources of energy - sun, wind and tide. ... I'd put my money on the sun and solar energy. What a source of power! I hope we don't have to wait until oil and coal run out before we tackle that.
We are now spending half a trillion dollars on foreign oil, importing 62 percent of the oil we use, and we haven't had the leadership in D.C. to do anything about it. We've got to move to other sources of energy. But we've gotten way behind, and will continue to pay the fiddler. It's not a good future.
What's going to happen is, very soon, we're going to run out of petroleum, and everything depends on petroleum. And there go the school buses. There go the fire engines. The food trucks will come to a halt. This is the end of the world.
The world will soon start to run out of conventionally produced, cheap oil…. We [will] start to run out of all fossil fuels by the end of this century.
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