Any time that we can reduce our dependance upon a substance, such as fossil fuels, we will be better off financially. When we are as dependent upon so...
Any time that we can reduce our dependance upon a substance, such as fossil fuels, we will be better off financially. When we are as dependent upon something as we are with oil, we can expect to pay very high prices at the pump. The energy crisis we are in right now is a classic lesson of the basic economic principles supply and demand. There is a limited supply of oil reserves within the earth. We don't know exactly how much there is left, but worst case scenario estimates put us at running out in the next 50 year. Because there is a limited supply remaining, and a mostly fixed production stream from producing countries, the supply is kept as low as possible without creating a shortage. The demand will always be steady, because there will always be steady consumption. But because the supply is kept low, the price is driven up the curve. People will always need gasoline, so the demand will always support those higher prices.
What is a solution to this problem? Find alternative energy sources that are cost effective and renewable. Technology has made some impressive advances in the past few years with regards to renewable energy sources. The solar energy sector has seen a sharp decrease in the cost of installing solar panels and battery arrays in homes. Solar power for homes will become even more affordable in the next decade. Wind power has also seen a similar advancement in technology. Wind farms are being built all across the country to supplement the use of fossil fuels.
The advantages of wind and solar energy can be summed up as follows:
The government won't be able to put a price on wind or sunlight. They will always produce. Harvesting energy from these sources will not produce harmful waste or by-products. The use of these energy systems will reduce or eliminate our dependance upon fossil fuels. These are just two examples and contributors to the possible solution of our energy crisis.
