The Need for a Non-politicized Energy Transition
In its International Energy Outlook 2021, the U.S. Energy Information Administration estimated sufficient crude oil and other liquid hydrocarbons to meet world demand through at least 2050.
Though predicting such a thing is tricky, considering all the geological, social and political variables, that forecast is somewhat of a relief. But the truth is, there will come a day when adequate supplies of fossil fuels are no longer assured.
The world is begging for alternative forms of energy, but not at the cost of ruined economies.
Over the past couple of decades, we have made significant progress in our global renewable energy transition with the continued development of wind and solar energy and the growing popularity of electric vehicles (EVs). But it’s important to remember the world has been prospering from hydrocarbons for more than a century, so it’s reasonable to assume a major energy shift such as this will take time.
The fact is the world is still a long way from replacing oil and natural gas as the mainstays of industrial and economic prosperity. We can be grateful for the strides wind, solar and other renewables have made over the past two decades, moving close to overtaking coal in power generation capacity. But natural gas remains America’s top power generation fuel by a wide margin.
The momentum of our renewable energy industries is undeniable, and we have opportunities to provide the U.S. economy with enormous quantities of affordable energy through an all-of-the-above approach. We have access to copious supplies of domestically produced oil and natural gas, and energy from wind, solar, geothermal and other renewables.
The U.S. should promote all the energy resources it has available to it, continuing with its progressive but sensible development of alternative energy sources. Meanwhile, we must maintain the integrity of our domestic hydrocarbon production while simultaneously growing our domestic electric mobilization and energy storage supply chain to ensure our economy’s long-term viability, as well as our country’s national security and independence from foreign energy dominance.
In the end, slowing the decline of our oil and natural gas reserves and making a more gradual transition to sustainable, renewable forms of energy will go a long way in avoiding an abrupt and disruptive energy shift.