Is there going to be profit if we continue to consume energy the way we do?
The simple answer would be no. As seen by the chart above, the world energy consumption greatly increases from year to year; thus contributing to more money being spent to maintain the demand to supply this energy. Even the demand of nuclear energy is increasing, which is a form of energy conversion alternatives that is greatly considered by industry. So instead of focusing on our current energy consumption condition, will there be a greater profit if we switch to renewable "greener" energy as opposed to fossil fuels?
[3]
Already by 2006, there was a greater cost in fossil fuels compared to 2000. To reiterate, limiting the amount of fossil fuels could help create a bigger profit for energy consumption.Another question to answer is as follows: how will the economic growth effect energy consumption?
Two countries (India and China) were relatively not affected by the economic recession in 2008-2009, compared to countries like the United States. Instead, an increase in economic growth since 1990 had contributed to using up to 10 percent of the world'd total energy consumption [4]. This can be shown by the figure below.
This figure shows the energy consumption in the years to come. It is also predicted that oil prices will remain high and the total energy demand will increase 1.4% per year--increasing costs and the demand for fossil fuels. On the other hand, renewables are the fastest growing source of the world energy (increasing 2.6% per year) [4].
So more research and technology needs to be developed before the world can totally rely on renewables, but it can be concluded that the current energy consumption will not last if we continue to use fossil fuels.
[1] TechEco.Pty. The Way Forward-Carbon Sequestration and Waste Utilization in the in the Built Environment-A synopsis. 8/30/2011. Retrieved from http://www.tececo.com/gaiaengineering.synopsis.php
[2]Green Energy. Solar Panels. 8/30/2011. Retrieved from https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhr4bU1VJpNQKdAZEYVWwuXaugZhtXpCGUiDLS7sV68kdIk2y0fyTJixQ9rJzshOEPcgD_TcpXjcRrCan6b_uBFsgc0uPfLEVlhE1EpKEbxN5X3EL1QErqAKV59B8_3GOlCH_ALGcMXkR8j/s1600-h/Renewable+Energy+Production.png
[3] Harding, Mike. 2006. Energy.Musings from the Coast.8/30/2011. Retrieved from http://montaraventures.com/blog/2006/10/10/fossil-fuel-costs-for-electric-generation/
[4]U.S. Energy Information Administration. EIA. World Energy Demand and Economic Outlook. 8/30/2011. Retrieved from http://205.254.135.24/oiaf/ieo/world.html
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