financialsense.com / ROBERT RAPIER / 05/27/2016
Several years ago, when I was working on my book Power Plays, I spent a lot of time thinking about the future of energy. One thing I concluded was that solar power would become one of the world’s most important sources of energy – if not eventually the most important source of energy. I also discussed this in the 2007 column “The Future Is Solar.”
There are a couple of reasons I still believe this. But first, I should make it clear that it will be a long time before solar power rivals the consumption of oil in the global energy market.
While solar power is growing rapidly, we still use about 100 times as much energy in the form of oil (and about 90 times as much in the form of coal). Further, even though solar power is growing at a fast rate, the absolute growth in oil consumption from 2013 to 2014 was about 3 times the growth in solar power consumption. In other words, even though solar consumption grew at a 38% rate and oil consumption grew at about a 0.7% rate, this amounted to an increase in solar consumption of 11.6 million metric tons of oil equivalent versus an increase in oil consumption of 32 million metric tons.
Thanks to BrotherJohnF