A Farewell to Fossil Fuels: Answering the Energy Challenge
Nearly 90 percent of the world’s economy is fueled every year by digging up and burning about four cubic miles of the rotted remains of primeval swamp goo. With extraordinary skill, the world’s most powerful industries have turned that oil, gas, and coal into affordable and convenient fuels and electricity that have created wealth, helped build modern civilization, and enriched the lives of billions.
Yet today, the rising costs and risks of these fossil fuels are undercutting the security and prosperity they have enabled. Each day, the United States spends about $2 billion buying oil and loses another $4billion indirectly to the macroeconomic costs of oil dependence, the microeconomic costs of oil price volatility, and the cost of keeping military forces ready for intervention in the Persian Gulf.
In all, the United States spends one-sixth of its GDP on oil, not counting any damage to foreign policy, global stability, public health, and the environment. The hidden costs are also massive for coal and are significant for natural gas, too. Even if oil and coal prices were not high, volatile, and rising, risks such as fuel insecurity and dependence, pollution-caused illnesses, energy-driven conflicts over water and food, climate change, and geopolitical tensions would make oil and coal unattractive.