Friday, June 3, 2011

Editorial: Global Energy Shortages

I have just looked at my RSS News Feed under the heading of Energy Shortages and noticed that there are fifty-eight articles from around the world this morning.

These range from utilities in China that are financially struggling to rolling blackouts in Venezuela and Pakistan, to South Africa seeking to cut power consumption by thirteen percent.
This is a world-wide problem, Russia has banned the export of gasoline, which prompted Russian Prime Minister Vladimir Putin to ban exports of refined petroleum products late last month, especially as the country gears up for State Duma elections in December and Presidential elections in the spring of 2011. In Karachi, Pakistan a protester was killed demonstrating against load shedding.

It may just be my imagination but I detect a global trend in all these reports which only reinforces the theory of Peak Oil.

In the Cayman Islands households are billed monthly, with a breakdown between electricity consumed and the cost of fuel used to generate the consumed amount of electricity shown on the invoice. I have people telling me on a daily basis that their fuel charge is more than the electrical charge.

If oil is abundant as OPEC claims why are so many stares globally having these overwhelming energy shortages? One could argue that it is the financial aspect of obtaining petroleum products that is to blame. However, one must ask why the price is escalating. Could it possible be a supply and demand situation?
It really does not matter wether it is unaffordable or unattainable it still leads to a shortage of electricity for all of us. It is therefore time to push of governments and legislators to take the necessary steps to enable the introduction of renewable sources of energy such as solar, wind and ocean thermal conversion.

Location: Cayman Islands