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Unformatted text preview: “Energy Fundamentals” Although renewable energy sources will grow, fossil fuels will continue to dominate the world’s energy mix for the foreseeable future, even beyond 2050, led by Oil and fast growth rates of Gas. Several energy outlooks projected that natural gas will be one of the fastest growing fossil fuels considering its outstanding characteristics in comparison with other conventional resources. I t has one of the most diverse range of uses across sectors, mainly for electricity generation, industry usage such as petrochemicals, as well as the residential and commercial sectors. Most of the renewable energy applications that are being used today are still in an early stage of development to economically replace conventional energy especially in transportation and power generation sectors. The size of renewable energy in today’s global energy mix is not enough to make any significant reduction in green house gases, even with the progress being made, the future contribution will be relatively small. At present no renewable energy technology is viable without heavy government subsidy. Although it may be justifiable to subsidize the development of renewable energy for a transition period, subsidize the renewable energy industry indefinitely is not possible. For renewable energy to become viable however, it is likely to require some big advances in technology. Innovative technology is the overpass that will transfer renewable energy from being a costly small-scale source of energy, to a wildly used commercial one. We are living in a transitional period that can be bridged by more environmental friendly resources like Gas and GTL, which can play a...
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This note was uploaded on 06/03/2011 for the course ECON 201 taught by Professor Jeanmichele during the Spring '11 term at Portland State.
- Spring '11