The future is not looking bright for oil, according to a new report that claims the commodity would have to be priced at $10-$20 a barrel to remain competitive as a transport fuel.
The new research, from BNP Paribas, says that the economics of renewable energy make it impossible for oil to compete at current prices. The author of the report, global head of sustainability Mark Lewis, says that "renewable electricity has a short-run marginal cost of zero, is cleaner environmentally, much easier to transport and could readily replace up to 40% of global oil demand".
[...] The report, Wells, Wires, And Wheels... Eroci And The Tough Road Ahead For Oil, introduces the concept of the Energy Return on Capital Invested (EROCI), focusing on the energy return on a $100bn outlay on oil and renewables where the energy is being used to power cars and other light-duty vehicles (LDVs).
"For a given capital outlay on oil and renewables, how much useful energy at the wheel do we get? Our analysis indicates that for the same capital outlay today, new wind and solar-energy projects in tandem with battery electric vehicles will produce six to seven times more useful energy at the wheels than will oil at $60 per barrel for gasoline powered light-duty vehicles, and three to four times more than will oil at $60 per barrel for light-duty vehicles running on diesel," says Lewis.
As fossil fuels phase out, will battery technology improve quickly enough to support the transition to renewables?
(Score: 2) by DannyB on Wednesday September 04 2019, @06:37PM (6 children)
EVs may not be suitable for every porpoise.
Nonetheless, there are significant use cases, and there are significant portions of the population that could find them generally useful today for commuting to work.
I have a grueling ten minute commute to work with five (5!) yes five annoyitating traffic lights. While I can moan and complain that it used to be only 3 traffic lights, I would find an EV quite nice for going to work, running around town, etc. But I'm not ready to attempt to make buying one a spending priority just yet.
Infrared motion detectors do not complain about having to be on duty. Nor do they fall asleep on duty.
People today are educated enough to repeat what they are taught but not to question what they are taught.
(Score: 2) by legont on Wednesday September 04 2019, @07:12PM (1 child)
The answer to your issue is bicycle. Even if you can't bike, Tesla is not needed for this. Golf cart is more than sufficient.
I'd love to live like this and have a full size diesel truck to go in the country.
"Wealth is the relentless enemy of understanding" - John Kenneth Galbraith.
(Score: 2) by DannyB on Wednesday September 04 2019, @07:53PM
Too old for bike. Golf cart is not a solution. Its a joke. It would take a very long time to get to work. Not going to work in snow, bad rain or thunder storm, or sub zero conditions.
I also said an EV would be useful for getting around town. A golf cart wouldn't even be useful for getting to the nearby grocery store.
(I heard some lightning! Yes, and I saw some thunder!)
People today are educated enough to repeat what they are taught but not to question what they are taught.
(Score: 5, Funny) by JNCF on Wednesday September 04 2019, @07:15PM (3 children)
but you don't have to worry about blowing a seal.
(Score: 4, Funny) by DannyB on Wednesday September 04 2019, @07:49PM (2 children)
Teslas and maybe other EVs use a single fixed gear reduction. So you also don't have to worry about blowing a tranny.
People today are educated enough to repeat what they are taught but not to question what they are taught.
(Score: 2) by DeathMonkey on Wednesday September 04 2019, @09:14PM
Boy, you guys are really putting a crimp in my plans for Friday!
(Score: 2) by Tokolosh on Thursday September 05 2019, @03:03AM
There go my plans of pimping my ride.