If we could replace 50% of the oil we are using today with alternative forms of energy we would have the time to replace oil. Otherwise we will have a crisis in the future. But the law of supply and demand should give incentive to develop alternative energy.
I agree. High Energy Prices would encourage development of alternatives. But the main problem is insufficient time to retrofit a $45 trillion Global economy. Looking at Japan and Germany, the two most greenest countries, gives hope. Solar Leadership in Germany Awesome... And Japan... There is a little hope, but the numbers just don't add up. Oil Production is declining at the rate of 3% per year, thats 3% of 75 million barrels consumed by us everyday, that an additional requirement of 2.25 million barrels everyday just to replace the current demand. Hopefully, there will be enough new finds to push the economy another 10 years.
Worry not about gas prices. Hydrogen Powered Cars such as Honda Clarity are reality and will replace gasoline powered cars.
It is now at $141 it takes another spike or two or Israel conducting another simulated exercise against Iran and we will reach it for sure. Next target $200 and I will need a bicycle.
After reading about this from a lot of sources, I found that there is no effective way of extracting hydrogen from water or Natural gas. Even if hydrogen is extracted (at a high cost, compared to drilling holes in the ground and getting oil for almost free), the main issue is safety. It is extremely difficult to store hydrogen. So much so, that even the Space Shuttles and Rockets used to launch satellites, are filled at the very last moment to avoid accidents. Folks, NASA has been working in this field, and spending hundreds of billions on this Tech, and yet, has not been able to store hydrogen safely in a spacecraft! How can we replace Gas with hydrogen in this case? I believe the world would first shift to LNG (Liquefied Natural Gas). We have that in large quantities. WE can buy another 10 years time from it. And hopefully, around 2020, we'd be seeing a new tech that can help solve this problem.
Hydrogen is extremely combustible and not easily stored. I wont want to be carrying a live bomb when driving, there are better ways to be martyred I would expect LNG to be easily built into a vehicle at not much difference in pricing. Coupled with nuclear energy for powering homes and factories, they will be an effective and practical way of reducing dependence for crude oil. But changing habits of car drivers takes time, while the high pump prices is a factor for helping them switch, I feel that govt incentives and initiatives is still needed. Commissioning of nuclear reactors also takes time, that is if you can overcome the strong Green Lobby. I guess we are expected to suffer quite a bit longer before these initiatives bring about results.
Yes, it seems like.. The arab nations want to exploit the world with this oil and god, I don't have money for oil any more! Thanks god that soon oil will be useless!!
I got you beat by 7 feet. But who is going to pick up your garbage genius? Should the garbage collectors work from home too?
It would be safe to say that I can probably save myself a whole lot of my time if I put you in my ignore list sooner rather than later.
Arab nations pursue maximization of profits too. Same for any other nations. They are not here to exploit you but neither are they here to give alms to you. That's why Saudi had been trying hard to push up their production. No one is exploiting each other or should I rephrase it to say that everyone is exploiting each other to maximize each others' utility and welfare.
Don't worry you are not alone, my expenses increased about 30-50% from last year. All prices are up. Just look on the bright side. A recession will be here, decrease in industry activities due to recession may prompt a reduction in the demand for oil and we have cheaper oil, just that corresponding less money in our pockets. But once the recession is over, whatever bubbles will be by then ruptured, the economy can grow afresh on top of a more stable platform. By then too, more alternatives to oil may be implemented. Life will be the same again......
They use oil in the production of hydrogen fuel - as oil is made up of hydrocarbons... Also, no one answered my question of how long our reserves will last at the pace we are using them, and the expanded pace that will soon be upon us with the new drill sites coming online in the future. What do we have? 20 years? 30 years? 60 years? And this is without mass adoption of hybrids.