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Oil Gluts and Inexhaustible Energy Systems
| Article
# : |
10048 |
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Section : |
CURRENT ISSUES
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| Issue
Date : |
4 / 1986 |
1,386 Words |
| Author
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Alvin M. Weinberg
Alvin M. Weinberg is Distinguished Fellow at the Institute for
Energy Analysis, Oak Ridge Associated Universities, Oak Ridge,
Tennessee. |
As prices dip and global oil consumption drops annually, energy seems no longer to be as imperative an issue. Conservation and the development of new energy sources are the main factors involved in turning the former "crisis" around. As pleasant as the current glut may be to some, all good things must end, including the present low oil prices. The following article examines the viability of "inexhaustible" energy systems as a long-term alternative to dependence on fossil fuels.
With the spot price of oil falling below $15 per barrel and the world's consumption of oil some five million barrels per day lower than it was seven years ago, and the U.S. importation of petroleum this year almost five million barrels per day lower than it was in 1977, it is no wonder the public no longer regards energy as an important problem. President Carter's announcement of only seven years ago that energy was our most pressing issue seems terribly off the mark in today's light.
Three developments are responsible for this extraordinary turnaround in energy. First, conservation has been a great success. As the price of oil went above $30 per barrel, new sources of oil were exploited; moreover, our society became more energy efficient. Thus per dollar of GNP, the United States expended 26,500 Btu of primary energy in 1974, when the first oil crisis struck; in 1984, we spent only 21,000 Btu of primary energy per dollar of GNP, all measured in constant 1982 dollars.
Not all of this improvement in the energy efficiency of our economy is attributable simply to more efficient cars or home appliances or house insulation. Another important factor, and one that is not
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