Total electric autos by 2050
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Methane is used for fertilizer for the crops that feed most of the world. And is a feedstock for the chemical and plastics industry. And is the most efficient and clean way to heat tens of millions of homes.
Petroleum is also a feedstock for chem and plastics, and is used for jet fuel.
Frankly, it is stupid to burn methane to generate electricity when we need it for the above purposes, and coal and nuclear are so well suited for electricity.
Generally, renewables are great (and what are wind turbine blades made of? Oh yeah, composites made from oil) because they will allow us to keep doing all of the above items that are critically dependent on oil and gas for thousands of years rather than a few hundred.
Bring back Phillips Coal Company. lol
some good discussion. Probably won't be here in 30 years from now. COP probably not exist either. at least not at it is today
There are strong headwinds against oil which seem irreversible: democrat politics, global consenseus on global warming in Paris, renewable mandates in power, disruptive technology in transportation with uber and electric vehicles, Aramco IPO and Saudi pivot to non oil future, and finally a desire by low cost producers to "gain market share" which is really a desire to not leave a drop in the ground because not all the discovered oil will be produced.
Agree fossil fuels at 40% but the difference is there is little operational cost for solar, wave and wind. In terms of OpEx, renewables win with zero greenhouse gases. Smart people will invent better batteries, better photovoltaic cells, more efficient turbines, cold fusion (saw it done already in a Val Kilmer movie). Most all industries become obsolete eventually. Now if you will excuse me, I'm trying to find my Betamax tape of The Saint.
@Hpg2E4R-1itc and how many millions of acres of land do you have to cover with solar panels ?
Standard solar panels installed on a house may convert only up to 15% of the sun's energy, meaning that large potion of solar energy remains untapped and instead becomes waste heat. Even the most efficient solar panels available on the market today have efficiency of only 22%.
The overall efficiency of a modern fossil fueled electrical power generating plant will be about 40%.
Until this gap is eliminated and we can have better battery technology that would allow us to store all the excess energy during the day and use it during the night, solar will not replace fossil.
Wind turbines are a good alternative, but do not work in all parts of the country as they require a minimum wind speed and enough wind throughout the year.
The industry seems to only address the supply issues over the past few years - shale production, OPEC, S. Arabia, etc. However, in terms of demand the main focus seems to be on China. Battery powered cars are one thing, and they might have a huge impact on oil demand. On top of this, cars are becoming way more fuel efficient. COP was structured for a prolonged boom. Unfortunately, it fizzled two years after the COP-PSX split. COP definitely can't handle oil prices in the $40-$60/Bbl range.
CoP is like Blockbuster Video or Borders Books. It was a good idea at the time. Email ruined the USPS. Even Walmart is threatened by online shopping and soon drone deliveries will drive many businesses into insolvency. The list goes on. As for oil, China and India will determine the short term future. Long term there is none.
Electricity for all those electric cars? Solar, wind, wave energy? The sun provides us with 1.74 x E17 watts of energy for free and with no greenhouse gas emissions. It would take 7 trillion barrels of oil to make that equivalent energy. And we are naïve?
regardless the Phillips part of COP will hit a 100 year milestone next year. A pretty good run
and how exactly do you think the electricity for all those electric cars will be generated ?
natural gas !!!
don't be naive !
So much for a turn around. This will be a slow and painful death for the oil industry. Mulva was shortsighted
smells like money
what is elon musk - men's cologne?