The Renewable Energy Industry ( Eia ) Essay - 1308 Words

The Renewable Energy Industry As the world delves deeper into the 21st century and as more and more countries develop into industrialized or post-industrialized nations, global society is dependent on reliable and steady sources of energy now more than ever. This reliance on energy will most certainly continue into the future as the U.S. Energy Information Agency (EIA) has projected the world’s energy consumption to increase by 56% by the year 2040 (â€Å"EIA Projects World Energy Consumption†). Such a substantial surge in demand of energy in what is a relatively short period of time has disquieting implications. According to the British Petroleum Statistical Review, oil, natural gas, and coal consumption accounted for approximately 86% of the energy market in 2015 (â€Å"Statistical Review of World Energy†). With current oil prices being at record lows, a booming natural gas â€Å"renaissance† in the process of going on, and political pressures in the Uni ted States calling for an increase in â€Å"clean coal† output, nonrenewable fossil fuels may be the primary options for our society to fuel its future (Sontakke). However, these options come with adverse drawbacks such as dependency on dubious foreign petro-states and various forms of ecological degradation, which includes climate change. Due to these factors, as well as burgeoning cost-competitiveness, the renewable energy industry is poised to gain a sizable share of the energy market. The renewable energy industry consists of firmsShow MoreRelatedWhat Energy should be Considered for the Future?831 Words   |  3 PagesWHAT ENERGY SOURCES SHOULD BE CONSIDERED FOR THE FUTURE? As we move ahead in time, the population growth rate is increasing at an exponential rate. As a result of this the energy demand is increasing as well. To meet this demand, more and more energy is being generated. Conventional energy sources like natural gas and coal has been the main sources of energy production. At the rate we are going, these sources will be depleted very soon. These sources contribute to a major portion of greenhouseRead MoreThe Energy Consumed By The United States1153 Words   |  5 PagesRoughly 81% of the energy consumed in the United States in 2015 was produced by fossil fuels including coal, natural gas, and petroleum oil (EIA, â€Å"U.S. Energy Facts Explained†). A study on the consequences of coal revealed that the burning of coal produced over 100 million tons of solid waste, and the readying of coal to be burned creates nearly 90 million gallons of slurry, a muddy waste product, in the United States every year (Sierra Club 2011). 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Both are the leading consumers of energy in their respective continents asRead MoreMacro Economics - Oil and Gas1681 Words   |  7 PagesMartinez Macro Economics June 30, 2013 Oil and Gasoline Prices in the US Oil and gasoline prices follow a trend that sparks mixed reactions from different industry stakeholders in the America’s economy. The trends on oil and gasoline and their stability have immense impact on the performance of the economy based on their primary as energy. The government’s ability to ensure stability in price movement is seen as a key step towards fostering steady economic growth. A variety of factors are at playRead MoreAdvantages And Disadvantages Of Fossil Fuels1260 Words   |  6 PagesFossil fuels are hydrocarbons, primarily coal, fuel oil or natural gas, formed from the remains of dead plants and animals, and great sources of energy and great sources of pollution. Fossil fuels are used to power a lot of things, including vehicles, heat homes, industries, manufacturing, and for electricity. Primarily used fossil fuels are coal, natural gas, and oil, these fossil fuels are dangerous to the environment. When fossil fuels are burned, it emits harmfu l gases in the environment like