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Global Energy Outlook

Petrotank.com cannot recommend highly enough Pulitzer Prize winning author Daniel Yergin book “The Quest – Energy, Security, and the Remaking of the Modern World” which follows in the footsteps of his masterpiece “The Prize – The Epic Quest for Oil”.  You will enjoy his updated world view on the state of energy in general and where we are headed.

Yergin pointedly describes how our current energy resources cannot keep up with a World gross domestic production (GDP) that is expected to double over the next 20 years from $65 trillion to around $130 trillion.  With coal, oil, and natural gas providing eighty percent of the current global energy needs, we will deplete them in short order after running at predicted consumption levels. These 3 energy sources alone can’t provide for our long term needs.

Daniel is a leading expert on the petroleum and energy industries.  His incites should be particularly welcome to Petrotank.com readers and savvy investors can even put them to use to profit from the coming changes in the energy sector.  His knowledge of resource and demand levels span the globe, from Russia to China to South America.

One section of the book is devoted to energy security.  He points out that while defense spending has declined for traditional ground war stalwarts like tanks and artillery, naval assets are growing to protect vital oil shipping lanes.  Advancing technology is allowing companies to extract oil and gas from deeper ocean locations.  In the event of a global conflict the deep sea wells will need to be defended.

Yergin covers more than just oil however.  He details the natural gas boom going on in the United States and how it has allowed us to import less foreign oil.  We have also increased our domestic production 5 fold since the late 1950’s.  China has more than soaked up the difference however and is turning Russia into a major oil exporter on par with the Middle East oil barons.  With 30% of our Natural Gas production resulting from Shale gas fracking, he spends a fair amount of coverage of the pros and cons involved with this controversial procedure.  Petrotank.com readers may find it interesting to note that this practice has been around since 1949

Wind and solar energy are also explored in depth.  Each are making remarkable gains in efficiency and are seen as being cost effective alternatives for electricity production within the next decade.

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