Filed under: Fossil fuel
As oil prices spiked to $135 a barrel, the International Energy Agency will report in November that accessible oil reserves, worldwide, fall short of previous estimates. So says The Wall Street Journal.
Oil fields today produce about 87 million barrels a day. The IEA, a consortium of 26 developed industrial nations, previously estimated that production will rise to 116 million barrels a day by 2030. Now, the Journal reports, IEA experts think, oilfields may produce only 100 million barrels a day in 2030.
The shortfall will be felt long before that. Recent IEA data suggest that as early as 2015, demand for oil may exceed production by 12.5 million barrels a day.
12.5 million barrels contains the power equivalent of about 21 terawatt hours. Realistically, one terawatt of new clean-energy capacity would fill that need and keep the world economy growing. The challenge and opportunity for renewable energy — particularly carbon-neutral transportation technologies — will be to make up the petroleum shortfall. –Seth Masia
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