Why we may never be able to say goodbye to oil

It is not what most of us want to hear, but energy demand growth will remain focused on oil and gas because there are no ready alternatives.

Nuclear power will continue to supply a proportion of the world’s energy needs, but questions remain over public confidence, commerciality, and waste disposal.

Renewables and alternative sources of energy will play a larger role, but their contribution will remain small.

Solar, wind, and other alternatives contribute little over 1% of America’s energy needs. Biomass could be adding another 4% by the end of the next decade.

But for the moment, there is no alternative to burning hydrocarbons.

Present estimates suggest production from all existing oilfields being exploited is waning by 3% per year.

So with demand rising by some 2%, that is a widening gap that the industry cannot bridge, with or without all that crude oil gushing into the Gulf of Mexico.

BBC