Fossil fuel reserves may not be growing as scarce as previously expected
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For quite some time now, reports have been circulating about our planet’s fossil fuel reserves running dangerously low. Based on the world’s growing rate of consumption, supplies could be depleted even earlier than analysts formerly predicted. New studies, though, are showing humanity may not be as close to a crisis situation as previously believed. Some authorities are insisting the answer to the dilemma lies in offshore drilling.
Breaking Down the Numbers
History shows the use of Fossil Fuels first began to ramp up in the mid-1700s during the Industrial Revolution. As Earth’s population continually grew and the applications for coal, oil and gas followed suit, consumption surged. On last report, the use of these energy sources had risen to more than 1,300 times its initial volume. While the uptick was focused primarily on coal initially, crude oil has now taken the lead.
From Another Perspective
In weighing the current global consumption totals against the amounts of fossil energy sources said to still be available, scientists are saying there just isn’t much left to draw from. Current figures show the planet’s supply of oil is likely to be tapped out within the next half century with gas reserves being completely drained during the same time frame. This will leave the world’s inhabitants going back to the beginning with only coal to fall back on. This particular resource could hold out for another 150 years or so if consumption rates hold steady.
Potential Pay Dirt
Although those figures paint a bleak picture for the world’s energy future, additional studies are pointing to a more positive forecast. Research from Science Applications International Corporation and the Gas Technology Institute shows America alone may have more than 200 billion barrels of oil and 2,000 trillion cubic feet of natural gas that have yet to be recovered. Some are saying this could not only help stave off the pending energy crisis, but reduce the nation’s dependence on imported oil.
The Problem with the Solution
One problem with the proposed solution is that the bulk of the cache lies underneath the ocean. It’s no secret offshore drilling poses certain environmental hazards. Obviously, this has led to quite a bit of resistance from environmental activists. Getting the green light to proceed with drilling for this offshore reserve could be prolonged significantly in light of all the legal roadblocks and proactive disaster prevention measures required.
Funding is yet another hurdle. Though the technology is available to recover offshore crude oil and petroleum, the process is a considerably drawn-out and costly one. Potential investors looking for ventures with fewer risks and more immediate financial gratification generally tend to shy away from the prospect of funneling their money into offshore drilling.
Bottom Line
Studies and statistics show Earth’s already-tapped fossil fuel reserves are certain to be completely drained within a short time. Should consumption continue to increase, this could take place much sooner than expected. Still, a number of potential solutions are available.
Drawing from untapped offshore reserves could certainly help prevent the coming energy crisis; however, some are pointing out it would only a temporary fix at best. Many are also insisting the risks involved are far greater than the possible rewards. Based on the shortage of investors interested in offshore drilling, environmental activists are not the only ones who share this sentiment. In spite of all efforts, ramping up offshore drilling may only postpone matters for a short time.
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Name: Fossil Fuel
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Source URL: https://marketersmedia.com/overlooked-alternative-may-be-solution-to-earths-pending-energy-crisis/88934343
Source: MarketersMEDIA
Release ID: 88934343
