Everything has a price. That’s imprinted on our brain at an early age. A box of Lucky Charms. A new sportscar. That ranch-style house in the perfect neighborhood. Of course, these commodities all have another fundamental aspect: Value. An economist once said, “Price is what you pay. Value is what you get.” Some confuse the two. What sets them apart? Price can change. Value is built-in. For marketers, the vital commodity that gets their hawk-like attention also affects everyone else as well – Energy. And the one dependable energy source that’s often demonized continues to drive, propel, and operate the majority of the world: fossil fuels. Though powerful voices have called for its use to be dramatically reduced or even stopped, fossil fuels remain critical to how most everything around us functions for one main reason – its indisputable value.
To this day, most fail to comprehend how important fossil fuels have been to the world. In the early 19th century, before hydrocarbons became widely used, the world was a different place. Slower, more isolated, less connected. After their introduction, things changed dramatically. Fossil fuels pumped life into the global economy, sparked innovation, and fueled the industrial revolution, helping to form the modern world as we know it.
That said, many pundits predicted the death knell for oil, coal, and natural gas to toll long ago. However, fossil fuels continue to be absolutely vital to the U.S. economy, providing over 80 percent of the nation’s energy demand. And even though hydrocarbons continually come under attack, they’re still far and away the world’s energy of choice. What’s more, along with being reasonable in cost, fossil fuels are still abundant, delivering the bulk of the energy needed to run our vehicles, power our businesses, and light up our homes.
As we all know, though, hydrocarbons like oil and gas are not renewable. There is a finite supply that will over time be exhausted. But the ideas of some to simply shut down the use of fossil fuels is simply not achievable. And, in the long run, what will replace them? Even though the use of renewable energy has grown significantly over the past thirty years, the combined energy produced from solar, wind turbines, and other renewables is still less than 15% of worldwide energy consumption. When compared to the versatility of fossil fuels, a truly acceptable alternative in terms of availability, afford-ability, and effectiveness has not been firmly established.
For all of the upside of fossil fuels, however, any talk on this topic ultimately leads to the obvious – the need for cleaner energy. Everyone understands the effects hydrocarbons have had on air quality, climate change, and the environment. Improvements need to made to ensure the future well-being of ourselves, our children, and everybody that comes after us. But wind and solar energy alone won’t solve the problem. All technologies need to be on the table. If more time and money were spent finding cleaner ways to use fossil fuels, we’d be able to safely use those vast stores of energy for many more people around the world at a cost they’d be able to afford.
For example, natural gas burns cleaner than coal and oil, but not all of the planet’s gas is being tapped. Methane hydrates, a frozen mixture of water and natural gas trapped under the ocean, is being explored as a possible resource. Biofuels are an alternative, although supply of the needed crop wastes is limited. This will become more cost-effective, however, as technology develops. There’s also Renewable Diesel, which burns cleaner than any other type of diesel and can run efficiently in any diesel-fueled car or truck. Another option is carbon capture, primarily for heavy industry. Hydrocarbons would still be burned, but the CO2 would be captured instead of being let loose into the atmosphere. High costs have slowed wider acceptance, but technological improvements should make it more affordable. Meanwhile, others view Liquified Natural Gas (“LNG”) as the solution. As the cleanest-burning fossil fuel, its increased use would significantly improve air quality as well as reduce emissions. All of these options – and others – need to be pursued to make sure our goals of cleaner, greener, liquid fuels can be reached.
As a famous playwright observed, “The cynic knows the price everything and the value of nothing.” You hear complaints about the price of oil. Instead, people should applaud the value of oil. And natural gas. And LNG. At the Spirit® Brand, we’re here to support any and all forms of energy, but particularly cheer on the use of those that remain affordable and abundant. We know you have questions in this continually changing environment. Contact us at 509-203-7357 or [email protected] and let us know how we can help.