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The Global Energy Challenge Roel Snieder Photo: USFWS/Susanne Miller

The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

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Page 1: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

The Global Energy ChallengeRoel Snieder

Photo: USFWS/Susanne Miller

Page 2: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

The Global Climate and Energy Project

StanfordParticipating outside institutionsPending outside institutions

Mission• Research on low-GHG emission energy

conversions• Focus on fundamental and pre-commercial

research• Applications in the 10-50 years timeframe

Strategy• Research projects with potential for significant

impact on GHG emissions• Look for potential breakthroughs for new

conversion options• High risk / high reward• Work at Stanford and at other institutions

around the world

Schedule and Budget• 10 years (2003 – 2013+)• $225 M

Page 3: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Total global energy demand

70%increase

(International Energy Outlook 2006)

Page 4: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Developing countries

Page 5: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

… and our energy use

Page 6: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Our energy-dependence (1)

Page 7: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Our energy-dependence (2)

Page 8: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Energy use by type

(International Energy Outlook 2006)

Page 9: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Peak oil

N.B. based on USGS estimates, these are among the most optimistic

(Energy Information administration)

Page 10: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Peak oil (again)

http://info.energyscenariosireland.com/Overview

Page 11: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Declining production (1)

resource depleted

Time

Pro

duct

ion

Page 12: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Declining production (2)

production gap!

Time

Pro

duct

ion

Page 13: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Oil Tops Inflation-Adjusted Record Set in 1980

(NYT, March 4, 2008)

Price of a barrel of oil,adjusted for inflation

$103.76, April 1980 $102.45, March 2008

1950 1960 1970 1980 1990 2000 2008

(Source: Federal Reserve Energy Information Administration)

Page 14: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

John Hess, CEO of Hess Corp.“We've moved from a supply-led market to a demand-led one.

In the past, the world has relied on OPEC's spare capacity, which in 1985 was 10 million barrels per day. Today that

number is about 2.5 million barrels a day. We no longer have a safety margin to ensure price stability in the face of supply interruptions and demand spikes. Right now it's hard to see any relief in sight. Then there's demand. About 50 percent of oil demand is for transportation, and auto ownership in the

developing countries is growing swiftly, especially in India and China. ….. Put those two things together - limited supply and

increasing demand - and you get high oil prices.”

(Newsweek, March 15, 2008, http://www.newsweek.com/id/123482)

Page 15: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

New find in GOM(Jack No. 2 test well)

• up to 3-15 billion barrels of oil

• US consumption 20 million barrels/day

• 5 months - 2 years

• reservoir is 8 km under sea level

Page 16: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

A Quest for Energy in the Globe’s Remote Places

(New York Times, October 9, 2007)

A natural gas cargo ship passing Melkoya Island, across the bay from Hammerfest, Norway.

Page 17: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Oil-Rich Nations Use More Energy, Cutting Exports

(New York Times, December 9, 2007)

Page 18: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Who has the oil?USA China

India

(http://www.energybulletin.net/37329.html)

Page 19: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

What is the plan?

Page 20: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

A New, Global Oil Quandary: Costly Fuel Means Costly Calories

(NYT, January 19, 2008)

Rising prices for cooking oil are forcing residents of Asia’s largest slum, in Mumbai, India, to ration every drop. Bakeries in the United States are fretting over higher shortening costs.

Page 21: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Carbohydrates and biofuel

Do we feed humans or cars?

Is it a good idea to compete with our machines for calories?

glucose cellulose

Page 22: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Research: biofuel from cellulose

0 5 10 15 20 25Feed cost ($/GJ)

25

20

15

10

5

Pro

cess

ing

cost

s ($

/GJ)

oil (100$/barrel)

gas

starch(glucose)

cellulose

vegetableoil

http://gcep.stanford.edu/research/biomass.html(Figure adapted from Lange, J.P., Biofuels, Bioproducts and Biorefining, 1: 39-48, 2007)

Page 23: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

First solar 2 MW arrayFt. Carson, CO

Page 24: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Research: efficient solar cells

1μm

http://gcep.stanford.edu/research/solar.html

Page 25: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Fossil fuel reserves

BP Statistical Review of World Energy 2005

• The R/P ratio is the number of years that proved reserves would last at current production rates.

World R/P ratios are: Oil = 40.5 years; Natural Gas = 66.7 years; Coal = 164 years

U.S. R/P ratios are:Oil = 11.1 years; Natural Gas = 9.8 years;Coal = 245 years

Oil Gas Coal

40.5 yrs.

66.7 yrs.

164 yrs.

200

0

Prov

en W

orld

Rese

rves-t

o-Pr

oduc

tion R

atio

at En

d 200

4 (Ye

ars)

100

Your children

Your grand-children

Page 26: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Non-convenional reserves(excluding gas and coal)

Produced (gone)Proved Reserves

Undiscovered(?)

EORExtra Heavy Oil& Tar Sands Shale Oil

0 1 2 3 4 5 6 7 8 9 10

Trillions of Barrels Recoverable

Years Supply at2005 Production

Unconventional petroleum resources:(more difficult & dirty, and therefore expen$ive)

Conventional(“easy”)

0 25 50

(Courtesy of Joe Stefani)

Page 27: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

World’s unconventional production

N.B. World’s annual oil consumption 2006 is 85 million barrels/daySource: Energy Information Administration, 2007

Page 28: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Non-conventional oil

from National Geographic, June 2004

Tar Sand

HeavyOil

Oilshale

2 tons of tar sands produce 1 barrel of bitumen (~asphalt)

Page 29: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

CO2 emissions vs fuel type

NREL technical report NREL/TP-840-400665

lbs

per M

Wh

CoalNatural gas

Page 30: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

The Greenhouse Effect

Page 31: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Temperature and CO2 records

400 350 300 250 200 150 100 50 now

Thousands of year before present

20

-2-4-6-8

-10

Tem

pera

ture

cha

nge

(oC

)

400

350

300

250

200

Car

bon

Dio

xode

(ppm

v)

Page 32: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

IPCC 4th Report

http://www.ipcc.ch/SPM2feb07.pdf

850 ppm CO2 in 2100 (A2)680 ppm CO2 in 2100 (A1B)550 ppm CO2 in 2100 (B1)Year 2000 constant concentration

20th century

4oC

Page 33: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

What is 4oC difference?

400 350 300 250 200 150 100 50 now

Thousands of year before present

20

-2-4-6-8

-10

Tem

pera

ture

cha

nge

(oC

)

WürmRiss

4oC

4oC

Page 34: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Arctic sea ice 1995-2007

(National Snow and Ice Data Center, Boulder)

Page 35: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Arctic sea ice 2005-2007

(National Snow and Ice Data Center, Boulder)

4.3 million sq km4.3 million sq km

Page 36: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Sea-level rise in Florida

Page 37: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

…. and in other parts of the world

http://www.globalwarmingart.com/wiki/Sea_Level_Rise_Maps_Gallery

Page 38: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Curbing CO2 emissions

(Pascala and Socolow, Science, 305, 968-971, 2004)

Page 39: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

The 7 wedges

(Pascala and Socolow, Science, 305, 968-971, 2004)

Page 40: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Choose 7 out of 15 wedges distributed over:

• energy efficiency and conservation

• nuclear energy

• renewable energy and fuels

• more efficient forest and land use

• injecting CO2 in the subsurface

Page 41: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

One wedge is …..

• generate electricity at 60% efficiency

• wind turbines: 3% of the USA surface

• photovoltaics: 700 X today’s use

• nuclear power: double (build 500)

• inject 3 Giga-ton of CO2 per year

Page 42: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Energy efficiencyLost energy = 60%!

Page 43: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Research: high-temperature combustion

turbinefuel/H20

http://gcep.stanford.edu/research/combustion.html

Page 44: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Efficiency can pay off

Current USA emissions: 7 Gigatons CO2/yearSource: McKinsey analysis, http://mckinsey.com/clientservice/ccsi/greenhousegas.asp

Gigatons/year

Cost per ton CO2

90

60

30

0

-30

-60

-90

-120

-230

1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0

Page 45: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

How much CO2 to sequester?

• one wedge is 3 GtCO2/year• world oil production is 4 Gt/year

1 km

2 km

Page 46: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

The Sleipner project as a show-caseX 3500 !

Page 47: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Kuwait from space

N

30 km

Page 48: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Research: gas separation

http://gcep.stanford.edu/research/co2capture.html

Develop membranes to separate H2 or CO2 for carbon-free hydrogen production.

Page 49: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

What can I do as educator?

“I think we have the responsibility to insist that education is more than learning job skills, that it is

also the bedrock of a democracy. I think we must be very careful that in the race to become wealthier, more prestigious, and to be ranked Number One,

we don't lose sight of the real purpose of education, which is to make people free - to give them the

grounding they need to think for themselves and participate as intelligent members of a free society.”

Myers, T.M., A student is not an input, NYT, March 26, 2001

Page 50: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

How much CO2 is produced by burning the coal in one railroad car?

Page 51: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Conservation requires education

Page 52: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

From the thirteen myths ….• Today’s energy crisis is a hype

• The public is well informed about energy

• The hydrogen economy is a solution

• Efficiency improvements have reached their potential

• Climate policy will bankrupt the US economy

• World-wide power systems are optimal

(Energy and American society - thirteen myths, eds. B.K. Sovacool and M.A. Brown)

Page 53: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Lobby for a climate commitment

http://www.presidentsclimatecommitment.org/

1. Initiate the development of a comprehensive plan to achieve climate neutrality as soon as possible.

2. Initiate two or more of the following tangible actions to reduce greenhouse gases while the more comprehensive plan is being developed….

3. Make the action plan, inventory, and periodic progress reports publicly available ……

Page 54: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

What can I do as consumer?

Lighting Transportation Appliances

Page 55: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Oil needed to produce bottled water

(http://www.armchairenvironmentalist.com/blog/index.php?paged=2)

Page 56: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Kirsch CenterDeAnza Community College

Energy saving: $65,000/year

Page 57: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Plug-in vehicles

Page 58: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Consider the life-cycle

Page 59: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Consider the life-cycle

Page 60: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

What can I do as student?

• become a professional

• seek out new opportunities

• push for energy conservation

Page 61: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Seek projects

http://community.uui.asu.edu/features/solar.asp

Page 62: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

What can I do in business?

• Seek opportunities in sustainable business (for ideas: http://www.sustainablebusiness.com)

• Create an energy plan and save.

• Imagine what is possible when energy prices rise.

http://www.danchiras.com

Page 63: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

What can I do as citizen?

• Ask: what is our energy plan?

• Start a discussion in your community.

• Demand that the United States becomes a world-leader in responsible use of energy.

“That which we are, we shall teach, not voluntarily but involuntarily.” [Emerson]

Page 64: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

What if we had the courage to dream …..

and raise fuel standards for cars by 25% to European levels,

generate 20% of electricity by wind (as Denmark does),

generate another 20% of electricity from sunlight,

and conserve 20% by increased efficiency.

This can be done if we want it to happen!

“To have sustainable economic growth 10 years from now, both consumers and producers need to start acting now.”

John Hess, CEO of Hess Corporation in Newsweek, 3/15/2008http://www.newsweek.com/id/123482

Page 65: The Global Energy Challengeaceer.uprm.edu/pdfs/global_energy.pdf · Price of a barrel of oil, adjusted for inflation. $103.76, April 1980. $102.45, March 2008. 1950 1960 1970 1980

Questions/comments?

Send feedback to Roel Snieder: email [email protected]

Presentation: http://www.mines.edu/~rsnieder/Global_Energy.html

“The difference between stumbling blocks and stepping stones is how you use them.”