Tag Archives: oil

Energy Usage Per GDP Unit Declines Everywhere (via No Money No Worries)

Great chart showing improving energy efficiency around the world.

Energy Usage Per GDP Unit Declines Everywhere Recent data from BP (reprinted in the Economist) highlights the fact that energy usage required to produce one unit of GDP has declined for nearly a century in the US and has gone down almost everywhere else for the last twenty years. Note:  1 tonne = 7.33 barrels (click to enlarge) Even China has made great strides in reducing energy consumption per unit in recent years.  The spikes there correspond to the two periods of the greatest Maoist luna … Read More

via No Money No Worries

Coal’s Share of Energy Use Rises as Natural Gas Falls

The law of unintended consequences strikes again:

Coal’s share of global energy consumption rose last year to its highest level since 1970 as use of natural gas fell the most on record, a tendency that may continue, BP Plc said in a report.

Coal accounted for 29 percent of world energy use, BP said today in its annual Statistical Review of World Energy. The report measures consumption of oil, gas, coal, nuclear energy and hydroelectricity. Global consumption dropped 1.3 percent in 2009 to 11.16 billion metric tons of oil equivalent, the first decline since 1982, BP said.

While use of coal dropped last year, oil and natural gas consumption dropped more, meaning coal’s share of overall energy consumption rose. Coal consumption fell 0.2 percent to 3.28 billion metric tons of oil equivalent while gas declined 2.4 percent to 2.65 billion tons.

As we all know, coal burns much dirtier than oil and natural gas. We should be encouraging oil and natural gas production, in addition to nuclear, instead of discouraging them. Not only would there tremendous economic and geo-political benefits from increased oil and natural gas production and the resulting lower prices, it would actually produce less pollution than the coal energy it would replace.

Another example of how socialism is always nationalist

In The Road to Serfdom, Friedrich Hayek points out how socialism must always be nationalist (Ch. 10 Why the Worst Get on Top). The battle between the Obama administration and British Petroleum could spark a trade war. It is already harming relations between the US and the UK.

British business on Wednesday expressed alarm at the “inappropriate” and in-creasingly aggressive rhetoric being deployed against BP by President Barack Obama, warning that the attacks on the oil company could affect energy security and damage wider transatlantic industry relations.

Richard Lambert, director general of the CBI, a leading British employers’ organisation, told the FT the presidential attack was “obviously a matter of concern – politicians getting heavily involved in business in this way always is”.

He suggested the White House strategy was misplaced, stating that “apart from anything else, BP is a vital part of the US energy infrastructure. So the US has an interest in the welfare of BP, as much as the rest of the world does.”