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Solar and Wind Power vs. Fossil Fuels

March 16, 2015

Solar and Wind Power vs. Fossil Fuels

The Department of Energy's (DOE) estimates forecast that solar and wind will remain relatively insignificant sources of energy far into the future, despite what environmentalists argue.

Here is what Mark Perry, American Enterprise Institute scholar and professor of economics at the University of Michigan, says:

  • In 2013, about 87 percent of the energy the world consumed came from fossil fuels, a figure that — remarkably — was unchanged from 10 years before.
  • The two fundamental problems renewables face are they take up too much space and produce too little energy. And both wind and solar are entirely reliant on subsidies for such economic viability as they have.
  • The frackers are currently experiencing their own version of Moore's law: a rapid fall in the cost and time it takes to drill a well, along with a rapid rise in the volume of hydrocarbons they are able to extract. And the shale revolution has yet to go global.
  • In the case of the United States, there has been a roughly 9,000 percent increase in the value of goods and services available to the average American since 1800, almost all of which are made with, made of, powered by or propelled by fossil fuels.

Subsidizing wealthy crony capitalists to build low-density, low-output, capital-intensive, land-hungry renewable energy schemes, while telling the poor to give up the dream of getting richer through fossil fuels will not work.

Source: Mark J. Perry, "Matt Ridley: 'Fossil Fuels Will Save the World,' and Will Continue to Provide More than 81% of US Energy in 2040," American Enterprise Institute, March 15, 2015. 


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