28.11.2012 - The end of oil and the coming electric economy
To be sure, rumours of the impending death of oil are exaggerated and anticipate trends - but since 2001 the trend continues. Using IEA data, in 1973 the OECD countries sourced 53% of their total energy supply from oil, underlining that the post-2001 trend is anything but new. What comes next is the real question. This decline of oil in the global economy easily explains why the weak rebound of global fossil energy demand since the 2008 debt-and-deficit or financial-economic crisis has given wings to, and grown legs along the world's powergrids. These are increasingly fed by renewable-source power supplies...............................................Full Article: Source
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