Highly concentrated store of ancient solar energy o a

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highly concentrated store of ancient solar energy o a single litre of gasoline used today needed about 25 metric tons of ancient marine life and precursor material o The fossil fuels we burn in a single year would require the equivalent of the earth’s entire production of plant and animal life for 400 years Development and Oil - Money does not make the world go around - Oil does - Transportation – 95 percent of global transport is oil-powered o Movement of goods o Movement of equipment o Movement of people The uses of Oil - Gasoline - Diesel fuel and heating oil - Jet fuel - Heavy jet fuel, bunker fuel - Liquefied petroleum gas Oil and Modernity - John Urry- early 20 th century o “oil civilisation was established and formed the modern, mobile “American” way of life - Fordism – the expansion of mass production, mass consumption to the working population - Cities and the middle class lifestyle based on consumption and mobility - This became a point of aspiration for development Is Oil a Scarce resource?
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- Hubvert argued that oil was finite o Production peaks, then goes into decline o Bell curve o Written at tie of major oil price hikes o Predicted US has hit ‘peak oil’, lading to secular oil price rises in the future Peak Production - In 2015 world production of crude oil hit a new high of 78 million barrels a day - The price of oil hovers around $45 a barrel Unconventional Oil - Shale, tight and deep oil Neo-Peak Oil - It takes energy to get energy - EROI – energy return on energy investment - EROI for finding oil and gas in US decreased exponentially from 1200:1 in 1919 to 5:1 in 2007 - The EROI for production of the oil and gas in US declines form about 20:1 in 1919 to 11:1 in the mid 2000s Declining EROI - “everywhere you look, the EROI is declining” - If true, this is not decoupling - A modern economy requires liquid fuel with an EROI of at least five o As the EROI decreases, society spends increasing monetary and energy budgets on further energy production The end of fracking? - “industry invariably drills its best prospects first, hence the cheapest oil/gas is being exploited now. Infinite faith in technology cannot make up for the realities of geology” o rising costs of oil exploration and production o growing indebtness of oil industry o older oil fields decline by 5% a year and global demand continues to rise 1.2% a year - ‘peak oil effectively means the end of economic growth as we knew it in the 20 th why? - Transport – if trucks, trains and ships were to stop running, the global economy would grind to a halt - Electricity production also depends on oil o Coal mining, transport and processing o Even the components of solar panels and wind turbines - Food production – from machinery to fertiliser - Climate change Ecomodernism – beyond peak oil - Need a transition of renewables, need to go nuclear - Use of remaining carbon fuels imperative to spur development and technological advance
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- Market dynamics will spur efficiency o In extraction (peak oil will not happen) o
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