View On Energy: Global Energy Use

On average, Americans consume 26 barrels of oil a year per person. Eleven of those barrels are used for heating water.

Dependency

• Many countries rely on crude oil, natural gas and coal. They are unmatched as a source of energy.

• American oil companies like Exxon Mobile and Chevron control less than 10 percent of the world’s oil production and less than 3 percent of the reserves.

• The balance of power has shifted from the fuel guzzling west to the oil producing countries. They have increasing leverage over us with political, economic, and military consequences.

Supply & Demand

• Worldwide demand is growing by an average of 2 million to 3 million barrels a day every year. That is approximately 5 percent growth.
  

• Reserves are estimated at 800 billion barrels. World consumption is 76 million barrels per day.  That adds up to approximately 29 years of reserves. If consumption increases by 5 percent a year, then we will have oil for about 15 years.

• The world has to discover a new Saudi Arabia sized oil supplier every 5 years or find a completely new source of energy in order to meet demand.

Economics

The increased energy demand, coupled with the lack of sustainability and environmental concerns of current energy sources creates serious concerns for the energy industry, and the world as a whole. The world has to find a new way to deal with this imminent collapse in global economics. Renewable energy can be the answer we are looking for.

Sources: Energy Information Administration &
 Mortimer B. Zuckerman Editor-in-Chief The Energy Emergency