I have some sympathy for your views. I remember some newspaper
articles at the height of the oil price spike last year (a spike mostly driven
by speculators rather than fundamental demand ) about coal
liquefaction. Coal can be relatively cheaply converted into an oil
substitute. I think this becomes worth doing at around the 40/50 dollars
per barrel mark. It hasn't been done because vast conversion plants
would have to be built with hefty set up costs. If oil price consistently
and long term goes above these prices such plants will be built.
That's why I think we'll get in the short to medium term no sustained
very high oil price levels. Coals isn't infinite though. I think I read
there's definitely 200 or so years of fairly proven reserves (at current
rates of consumption). Perhaps there's 300 years all in including
undiscovered reserves. But if we were solely depending on coal
for all our energy we'd burn through this 4/5 times faster, it might
only last us 60/70 years.
I buy into peak oil. Oil production in the USA rose, peaked and then fell.
The same will eventually happen globally. I'd go along with arguments that
production capacity is around it peak. Coal-to-oil conversion can
take over and compensate for a while though.
And all that would release very substantial amounts of CO2. Most of
the carbon sequestration technologies I've seen doesn't look up to much.
Burying biochar is about the most plausible, and probably wouldn't work
on these kinds of scales. OK, when there's
a 100% "guaranteed" scientific consensus on climate change, I tend
to get a bit contrarian. Weren't they telling us back in the 70s
about the upcoming ice age?But if I were a betting man I think
we'll end up on the more scary end of possible CO2 temperature
rise scenarios (thawing permafrost, release of methane, feeback loops
etc.).
I expect we'll see rises in oil prices in the medium term but perhaps not as
drastically as people might think. Probably enough though to see some of
these alternative energy sources become economic. In pure cost terms
they probably can't compete with oil just at the moment when all other
factors are taken into account.
I'd go with nuclear personally. There has been interest over the years
in mining uranium in Donegal (never got the go ahead though). Building
such plants would cost billions and might take up to 10 years to set up.
Has worked pretty well in France though. We should be starting this now.
This windfarm scheme with the pumped storage might turn out to be a
feasible alternative. I suspect that if there's any technical merit to this
the Greens would jump at such a proposal. They seem very much set
against nuclear. It would also be a big step up from their current
(non)achievements in government (insulation grants etc.). If such a
scheme actually worked and was economic it would be
quite a thing to boast about coming up to the next general election.



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