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president's perspective
February 2007
Energy: The Technology
Path Forward
As my fingers vigorously tap their away across the key board…they pause briefly while I think about the word, energy. Strange, I must admit, but music from the 1980’s “What’s on Your Mind” aka “Pure Energy” instantly plays in my head. For those who share the same chronological platform, some may recall this popular retro tune which frequented the discos or high energy lounges. From the music we hear, the food and supplements we eat, the liquids we drink, the activities in which we partake or literally the air that we breathe, we are all in pursuit of energy sources…and more is better. Experts believe that energy is the core to American competitiveness. The United States currently consumes 20 million barrels of oil a day, and at this rate, $20 trillion dollars needed for energy in next 20 years. Our problems with oil are real today, but they have the potential to become a crisis in the near future as over 90% of oil production is controlled by foreign governments. It is imperative that we diversify sources of energy, increase energy efficiency, improve earth’s environment, but most importantly, we need to maintain a global supply of energy.
It’s true that innovation has performed as a significant catalyst in determining our standard of living; yet we must continue to broaden the sustainable portfolio of energy sources and their respective efficiencies. There are exciting areas of research in storage technology, biofuels, and nuclear processing. The private sector has led the charge on technological innovation and directed us to the new world of sustainability. Subsequently, there is a financial transformation yielding new markets and new entities. The global deployment of these ideas is critical through strategic partnerships.
We must not lose sight that through the development for new technology, energy prices for companies must be maintained for them to remain competitive and for consumers to have the ability to pay their light bills while simultaneously keeping the environment clean. Are you thinking it’s too much to ask? Experts claim that 70% of fossil fuels are coal which means that there is enough coal left in the United States for 200 more years and that is enough to sustain the 40% increase for demand of electricity by 2030.
We need to explore all the energy options that are clean, cheap, efficient and diverse. Natural gas, nuclear and other renewable sources are important part today but more so for the future. Currently, we are averaging a 7% utilization rate of renewable energy sources. Further work is needed on wind and solar based sources as they are not as consistent as other energy sources. We need to better harness and seek newer biomass, whether it’s through wood chips, switch grass, wave energy, power of the Gulf Stream or power from hydrogen cells. We need to develop cleaner ways in which to burn coal and leverage nuclear sources that are clean, carbon free and emission free.
But there is good news. Yes, there are many challenges, but yes, there are also many solutions.
Renewable….sustainable….pure energy.
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