What’s the Future of Global Energy?? I sat down with Jesse Day for the Vancouver Resource Investment Conference and discussed energy with Brian Gitt. While Brian believes the world has a tremendous amount of oil reserves remaining, I believe this is vastly overstated.
Even though Brian and I disagree about “Future Growth in Global Energy Production,” it was a very respectful discussion on Fossil Fuels, Green Energy and Nuclear.
To watch more video interviews at the Vancouver Resource Investment Conference: CLICK HERE
DISCLAIMER: SRSrocco Report provides intelligent, well-researched information to those with interest in the economy and investing. Neither SRSrocco Report nor any of its owners, officers, directors, employees, subsidiaries, affiliates, licensors, service and content providers, producers or agents provide financial advisement services. Neither do we work miracles. We provide our content and opinions to readers only so that they may make informed investment decisions. Under no circumstances should you interpret opinions which SRSrocco Report or Steve St. Angelo offers on this or any other website as financial advice.
Check back for new articles and updates at the SRSrocco Report. You can also follow us on Twitter and Youtube below:
Mr. Gitt believes in the Energy Tooth Fairy!
The core of what we do as an advanced civilization involves jet fuel for endless airplane flights, running cargo ships everywhere with bunker fuel, trucking and excavating with diesel fuel and driving back and forth using gasoline. Not to mention the natural gas needed for the Haber Bosch process to make ammonia based fertilizer that helps feed like half the world. These guys that present nuclear as the answer to our problems never explain how these core activities that define our civilization can possibly run on nuclear. I don’t want to bash the guy, but how exactly are we going to come up with the financing and resources to build a whole new fleet of nuclear-powered planes, trains, Cat excavators, 18-wheelers and automobiles? I don’t see how nuclear really addresses this.
TD,
Nuclear doesn’t address any of these issues. These people are just as asleep as anyone else, including the billionaire types. 99% of people never stop and think about how is this all functioning around me? They are buried in the infinite details of everyday life. They are the ones supporting the system. And they are also the reason why the system will inevitably collapse. I came to believe that this is simply a complex issue with the human mind, a mixture of normalcy bias, expectation bias, plan continuation bias, or even false consensus effect.
Well stated!
In two words, self delusion.
In two more words, mass delusion.
You mention airplane flights. How many here/anywhere even realize how much jet/plane fuel is used in geoengineering? AKA (from a twitter post sent to me the other day) “Spraying us like bugs”.
According to Dane at Geoengineering Watch, it’s 10’s of thousands of gals. per plane. Some days over me I see dozens of them criss-crossing the skies daily over me. Let’s not forget about “what” they are dumping on flora/fauna/humanity/earth. If any of you have not seen the documentary, “The Dimming”…you should.
I often wonder how much oil is left on the planet. I do know that much of it (IMO) is being wasted for evil.
“All their standard talking points about why the energy transition will never work—EROI, Jevon’s Paradox, resource depletion, the monetary system and debt, etc.—are not problems that will meaningfully impede the energy transition. They just aren’t.” – Chris Nelder
Nelder is right if he means the world goes for Energy Transition Gaza and Sudan way – culling children, women, civilians, destroying health, urban systems and cities – to the ground.
Nelder indirectly prefers forcing the world into a vicious Peak Energy Musical Chairs Game” – from Iraq to Russia, Ukraine, Syria, Libya, Yemen, Venezuela, Sudan, Gaza – and tomorrow Saudi Arabia, Iran, Azerbaijan, the US, etc etc – calling the game – Energy Transition.
Nelder dismisses that culling Life and destroying cities to the ground is hugely fossil fuels-intensive – to that extent, you burn seas of oil to manufacture and import the best of weapons on earth from the US, for instance, only to manage culling in Gaza few 100s of children – a piece of missile, bomb or cruise.
Energy transition from fossil fuels – cannot be done – powered by fossil fuels.
Finite fossil fuels are dangerously hypnotic to humans, their consciousness, reasoning and mental capacity.
Humans were not ready morally, ethically and intellectually to start the mass extraction of fossil fuels with the advent of the steam engine 300 years ago.
The Magna Carta requires today overhauling – adding to it the right for humans to understand what Energy really is – before any other commandment;
“In any system of energy, Control is what consumes energy the most.
No energy store holds enough energy to extract an amount of energy equal to the total energy it stores.
No system of energy can deliver sum useful energy in excess of the total energy put into constructing it.
This universal truth applies to all systems.
Energy, like time, flows from past to future” (2017).
The EIA just came out with their year end report showing world wide gasoline usage hit a new all time high of 26.9 million barrels a day.
Let’s break it down:
26.9 million barrels equals 1,243,200,000 gallons. (26.9 million x 42 gal)
1.2432 billion gallons equals 62.15 million barrels of oil. (There are 20 gallons of gasoline in a refined 42 gallon barrel of oil.)
There are approximately 25 million EVs on the road worldwide. If they used an average of 3 gallons of gas…..if they weren’t EVs…..that’s another 75 million gallons or 3.75 million barrels of oil a day to feed them.
If the world needed another 3.75 mbpd of refined oil, we’d be in a heap of trouble.
Now you know why they are pushing the EV bullshit……they have no choice.
Did you guys hear this part?: “the technology is getting better and better. They’re able to squeeze more out for less”. It sounds to me like he is essentially saying that technology makes EROI better over time. I hear this quite a bit from the “educated” people. This is similar to the other common theme that advancing technology automatically means more energy or at least more efficient use of energy. Also, we need to believe that “they” will come up with a solution. Sometimes this may be true, but at this point we need a better explanation of what solutions are out there, if any. Guys like this can do a lot of damage because they spew intelligent sounding babble mixing truth and fantasy and it’s hard for the layman to decipher what part is bullshit and what is not.
TD,
Yes! Technology is their Energy Tooth Fairy. God smiles upon us when we create new high-tech and that’s why it’s better. This is the same mentality as with the Bitcoin folks. Bitcoin will save energy. And the EV people. The new Tesla will save the planet. And the Green Deal people. Wind turbines are made of the singing of angels. They are simply unable to see the bigger picture. And what’s really annoying to me is that these people ain’t stupid. They are just smart stupid. I’ve listed the biases in my above comment that I believe relate to this issue.
I also noticed how Jesse shut down the discussion when Steve came back with his arguments of the falling EROI of these new sources of energy. He wouldn’t let Brian reply because he knew that there’s no BS answer to that. At that point I knew that we are looking at two salesmen and only one analyst. Jesse and Brian don’t really care about any of these issues as long as they are making a buck somehow of the BAU. And that’s incredibly disingenuous and manipulative. They pretend that they want a conversation when what they really want is a sales pitch for a book and maybe some uranium stocks.
Imagine buying this guys book and plowing through about 300 pages of this fluffy content.
As I HAVE said many times ” The World is Full of Educated DERELICTS”. The USE of COMMON SENSE is Very UNCOMMON and There Lies the Rub!
It is obvious the dude has never considered the ENERGY cost of getting energy.
Like every other spoiled, head-up-ass American he thinks printed-out-of-nothing money solves everything.
In addition to lack of “common sense”, as you are correct to point out, this type of energy drivel is usually propagated by those with more than one of the following:
*Lack of intelligence
*Lack of a parent and/or teachers who challenged them on how to think and reason.
*Little or no education in science or engineering
*Pompous or self-important attitudes
*The need to feel right regardless of facts.
I could go on and list several more.
What a painful, torturous discussion! I couldn’t believe what Mr. Gitt was saying! He is some kind of energy expert?
How on Earth did you keep a straight face, Steve?
As TaxDonkey says above, “Guys like this can do a lot of damage because they spew intelligent sounding babble mixing truth and fantasy and it’s hard for the layman to decipher what part is bullshit and what is not.”