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Green Energy: The Future... or Not?

Written by Staff Writer
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light bulb 2631864 640What if Green Energy Isn’t the Future? -Wall Street Journal
"There's a reason Warren Buffett decided to bet $10 billion on the future of oil and natural gas...A week doesn't pass without a mayor, governor or policy maker joining the headlong rush to pledge or demand a green energy future. Some 100 U.S. cities have made such promises. Hydrocarbons may be the source of 80% of America's and the world's energy, but to say they are currently out of favor is a dramatic understatement...

The prevailing wisdom has wind and solar, paired with batteries, adding 250% more energy to the world over the next two decades than American shale has added over the past 15 years. Is that realistic?...Even bullish green scenarios still see global demand for oil and gas rising, if more slowly. If the favored alternatives fall short of delivering what growing economies need, will markets tolerate energy starvation? Not likely. Nations everywhere will necessarily turn to hydrocarbons. Green forecasters are likely out over their skis. All the predictions assume that emerging economies - the least wealthy nations - will account for more nearly three-fourths of total new spending on renewables. That won't happen unless the promised radical cost reductions occur...The reason? Using wind, solar and batteries as the primary sources of a nation's energy supply remains far too expensive....A common response to all of the above: Make more electric cars. But mere arithmetic reveals that even the optimists' 100-fold growth in electric vehicles wouldn't displace more than 5% of global oil demand in two decades."