Tuesday, December 01 2015
By Yannis Gatsiounis, General Manager, Economic Development Strategy, AngelouEconomics
The conventional wisdom has it – has had it for 20-plus years – that renewable energies will soon replace fossil fuels.
In fact, fossil fuels, especially oil and gas, will remain central to our energy future, with heavily-subsidized renewables unable to overcome the forces of economic nature to drastically increase their market share.
Congress, for one, is inching closer to lifting the decades-old ban on crude oil exports, as fracking unlocks the potential of oil and gas wells, while the U.S. economy – valued at $17 trillion – is once again on the upswing, boosting energy production along with it.
Wind and solar account for a mere 8 percent of our energy supply. Even in global capitals for wind, like Denmark and Germany, are powered by some of the world’s finest engineers-residential power rates are among the highest in the world, at 42 cents/kWh in Denmark, and 39 in Germany. According to Bloomberg, Denmark intends to retract its lofty CO2 emission targets and scrap plans to become fossil-fuel free by 2050