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Economic growth to end soon - forever : Comments
By Michael Lardelli, published 3/5/2007With energy still cheap, we should seize the opportunity to prepare for an eventful ride down the slippery slope of energy decline.
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A 2% oil decline rate would be approx (85 x 2% =) 1.7 million bbl/day at first (but would reduce as the years went by)
A rough calculation shows that this quantity of oil is approx equal to 1500 GigaWatts of Energy lost/year [needs checking!]. Assuming world demand growth slows to a crawl after PO a chunk of this is likely to be rapid build out of coal and nuclear plants (at a rate of say 200 x 4GW/year = 800GW -sounds unlikely to me but 'needs must'!).
The remaining 700GW could be met by building 700 x 1000MW thin film PV plants PER YEAR globally.
We can scale the above numbers down if we add wind, OTEC, etc into the mix. The main issue of course is that the impending oil shortage is essentially a liquid transport fuel scarcity problem not just electricity. So the lights stay on but none of us can get to work!
Basically we are going to have massive demand destruction / conservation / efficiency drives and massively scale up production of 'other energy generating sources' during a period of accute economic hardship.
The US looks to be most badly hit the longer it delays but is also the country most capable of doing something about it...
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References:
Oil usage by country: http://www.nationmaster.com/graph/ene_oil_con-energy-oil-consumption
International Energy Outlook 2006: http://www.eia.doe.gov/oiaf/ieo/highlights.html