Governments offer thousands of millions of subsidies for the industry
The Problems With Fossil Fuels
Fossil fuels can be considered a non-renewable resource that was created by the breakdown of organic matter billions thousands of years back. They are utilized to produce electricity, heat homes as well as to power vehicles as well as being a important feedstocks for the petroleum industry. They also serve to create tar for roads. However, there are some issues when it comes to fossil fuels. Let’s examine some of them. What do you mean by fossil fuel?
In 2013 the Obama Administration had proposed a reduction in the subsidies of coal and fossil fuels but Congress did not take any action. Although this Obama Administration’s plan succeeded in achieving the moratorium on federal coal leases as well as an international backing for coal however, the president Donald Trump reversing much of the efforts of Obama administration. Obama administration. He also reversed the suspension of federal leases for coal and has also retracted efforts to safeguard oceans in the Arctic oceans and the Atlantic from oil leaks.
The fossil fuels of the past were abundant, and getting them was simple. Now, our fossil fuel reserves are dwindling and will require many centuries for replenishment. Additionally fossil fuels release carbon dioxide back into the atmosphere hundreds or many times more quickly than what it used to produce them. So fossil fuels constitute the major factor in climate change. Without alternative sources of energy, our civilization will struggle on. We must therefore take better decisions in the production of energy.
Oil is among the most abundant fossil fuels. It is a liquid which is formed beneath the sea floor. The fact that it is liquefied makes it ideal for transport. Petroleum fuels have twice the energy as coal, which makes them perfect to be used in internal combustion engines. Apart from being liquidin nature, petroleum can also be utilized for jets, roads as well as roofs. The only downside to fossil-fuels is that they’re not used everywhere on Earth.
Governments offer thousands of millions of subsidies for the industry of fossil fuels each year. The subsidies are mostly unpaid and are influenced by oil prices, however the numbers are consistent across several hundred billions. Transparency in government reports would allow us to determine the exact numbers. A study conducted in 2015 by the International Monetary Fund estimated the non-paid cost of fossil fuels at $5.3 trillion annually that is equivalent to the equivalent of $10 million per minute.
Another fossil fuel that’s abundant and clean is natural gas. It is typically found in underground deposits containing oil, and is frequently regarded as a low-cost alternative to coal. In the beginning in the industry of oil it was viewed as an easy way to get burned, but it is now appreciated for its clean burning and utility as a fuel source in industrial processes. It also requires a specific infrastructure for transportation to consumers. This could be a problem in the absence of an infrastructure for transporting it.
The final option involves carbon storage and capture. In this process, carbon is captured in the process of creating fossil fuels. This way CO2 is taken out of the air and then is reintroduced back into the earth. Processes in the industrial sector such as cement manufacturing release carbon dioxide as an unintended consequence. The carbon capture as well as storage technology will help us to avoid the most severe consequences caused by climate change. If you’re considering the development of fossil fuels make note of these three aspects: