It takes energy to produce energy, and things will get tighter still with renewables
We may find that a green-energy future is one that lacks the vibrant economic growth to which we are accustomed
Economists teach us that resources don’t just run out. As something becomes scarcer, its price rises, triggering a search for new supplies or the discovery of substitutes. We’ve seen it happen over the past two decades in the oil market, as dwindling reserves triggered the US boom in oil derived from shale. Unexpectedly, the US has surpassed even Russia and Saudi Arabia as the world leader in crude oil production.
Even so, the shale boom is already petering out, as we’ve nearly tapped most of the easily extracted oil, a comprehensive new study suggests. Huge investments and the drilling of nearly 10,000 new wells every year are now required to keep production at current levels. We’re putting in ever more energy for every barrel we get out...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.