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from the instead-of-batteries-just-use-a-very-long-extension-cord dept.
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 The Shire on Thursday September 05 2019, @02:15PM
Hydro can only be implemented in a very limited number of locations. In the US we have already captured about 90% of these locations for power or mechanical energy generation. You can't just say "Lets go with hydroelectric!" because it's already been done and at maximum capacity it accounts for 7% of all power generation (and more than half of all renewable energy generation - outperforming both solar and wind). It's not enough and there is no room to grow it.
Everyone knows there is only one real solution to producing unlimited cheap and clean power and that's nuclear. Modern Gen 3 designs are ridiculously safe compared to the 1960/70's designs that went into Fukishima or Three Mile. China is rolling them out like crazy but here in the US there are too many tree huggers to see that the solution is right in front of them. You want an electric car future? Then you build out the nuclear infrastructure to power it first. Spend those trillions on new plants and you'll be in the clear on climate in less than 10 years.