In the sunset

of the

petroleum industry

Those caught up in the race to the last drop, have had significant controversy over reserves and their corporate governance. Royal Dutch/Shell cut their oil reserves twice in '94 causing a replacement of their CEO and other executives. A significant stock price drop and multiple investigations, including the SEC and the US justice Dept, occurred . Ironically in 1996, Royal Dutch Shell put forth a possible outlook for the future of the energy business. Stating that the energy production and consumption would begin shifting to renewables. The prediction is telling both on their time line of changeover and the choices we have to make for a sustainable future. Even better stewards of the new economy like Shell can get caught up in the muddled battle.

Shell International indicates that renewable energy could supply 60% of the worlds energy by 2060. The World Bank estimates that the global market for solar electricity will reach $4 trillion in about 30 years. Biomass fuels could also replace gasoline. It is estimated that the United States could produce 190 billion gallons per year of ethanol using available biomass resources in this country.

And unlike fossil fuels, renewable energy sources are sustainable. They will never run out. According to the World Commission on Environment and Development, sustainability is the concept of meeting "the needs of the present without compromising the ability of future generations to meet their own needs." That means our actions today to use renewable energy technologies will not only benefit us now, but will benefit many generations to come.

Blind eye or wise guy?

Riyadh; US Energy Secretary Steven Chu expects that Saudi Arabia will emerge as a major exporter of solar energy and this could reach the current level of the kingdom's oil exports. He also dismissed fears of a looming crisis caused by dwindling oil production. Chu, a strong backer of alternative energy, said that there is big scope for Saudi Arabia to tap into its vast solar energy sources.
"The kingdom's drive to invest a portion of its oil revenue on scientific and technical research will enable it to strengthen diversification of energy sources and promote renewable energy programmes.
"This will contribute to achieving remarkable growth in its industrial output and increasing productivity potential," he said.
Chu made these remarks during his meeting with a number of senior government officials and media persons following a lecture at the office of the International Energy Forum here on Monday. He also held talks with King Abdullah Bin Abdul Aziz.


This site in no way endorces or supports the conclusions, graphics, references or information provided they are provided for informational purposes only.

NOTE when you use the below links you leave this site use your < back arrow in your internet browser to return here.

Home Page I In 2004 I Hubberts Revenge I Caught in the race I Why worry I What do we do?