40th Anniversary of the Oil Embargo
Wednesday, October 16, 2013
Forty years ago, the Oil Embargo evidenced how dependent the United States is on foreign energy sources. Americans were left vulnerable and exposed to the long-term possibility of high oil prices, disrupted supply, wars driven by the need for oil, and economic recession. It is imperative that we, as a nation, learn from the past and continue to expand, diversify and invest in our energy supply portfolio.
Over 25 recent global studies show that the U.S. and the world can meet most-or-all of our energy needs with commercially-available high value energy efficiency and renewable energy when taken in the aggregate. Most energy efficiency improvements are paid back in five years or less, and a significant percentage of renewable energy technologies can become cash flow positive and are reaching grid parity against traditional energy in today's market. Aside from renewables being cost-competitive, they afford a higher degree of energy reliability and much improved electric power quality and security (no surges, sags or transients).
Contrary to popular belief, five of the renewable options already provide sustained 24-hour electric power: biopower, hydropower & marine energy, and geothermal, as well as some concentrated solar thermal power technologies. With storage (batteries, compressed storage, flywheels, pumped hydropower, and hydrogen) solar and wind can also meet 24-hour needs; however, they already meet naturally-recurring higher electric loads for midday air-conditioning (solar) and evening peaks (wind). The RFS and CAFE standards, with advanced manufacturing and materials changes for automobiles are leading the way for fuel alternatives in mobile sources. All of these renewables technologies are already commercially competitive with $269 billion of private sector global investment reached in 2012; and trillions of dollars in investment forecast in future decades.
Our program will demonstrate the renewable energy industry advances made since 1973, and highlight how renewables are the competitive, economical and sustainable global building block for the 21st century.
Q & A Submission:
Carol Werner, Executive Director, EESI
Michael Ware, Managing Director, Advance Capital Markets representing himself and Bill Holmberg, Biomass Coordinator, American Council On Renewable Energy