The Future of Petroleum As an Energy Resource

Abstract

Civilization is based on man's capacity to generate more energy than is necessary to provide for subsistence. The industrial revolution became possible through the developpement of abundant energy based mainly on the production and utilization of fossil fuels. As non-renewable energy resources are exploited, the energy required Io produce and utilize these fuels trends upward. Ultimately for each resource the trade-off point is reached, that is where the energy return no longer exceeds the energy for production and utilization. ln compensation for particularly desirable properties a slightly negative balance may be acceptable provided there is compention by a somewhat less desirable energy source. In this century, petroleum has become a highly favored energy source. Today in the United States 75% of the energy consumed is derived from petroleum. The recent rapid rise in the world price of petroleum is, for the most part, the consequence of political and economic factors. Such factors may well force a trend to altern energy sources in some consumer countries. On a world basis, the future use of petroleum both in time and in extent of depletion of reserves will depend upon the capability of petroleum technologists to slow the closing of the gap between energy outlay and return. To perpetuate past successes, new philosophies and technologies exploration, production and utilization must be developed.