Fuel

Finite Fossil Fuels

Coal, oil, and natural gas are called fossil fuels because they are formed when decomposed plants, animal matter, and marine organisms are combined with heat and pressure beneath the surface of the Earth. A process of chemical change sustained over millions of years transforms the fossil remains into carbon and compounds of carbon and hydrogen, which release a large amount of heat under combustion. They therefore constitute the fixed stock of fuels on Earth, a stock that, once expended to produce energy, cannot be restored. To keep track of the world's fuel reserves, an array of specialized institutions that operate in the private sector and in international forums publish annual assessments of the proven reserves, probable (recoverable) reserves, and [Page 282]unknown or undiscovered resources. “The World Energy Council Survey,” the “International Energy Agency Information Report, “The Oil & Gas Journal Report,” and the “BP Statistical Review” were the most quoted sources of information as of 2010.

In spite of its technical dimension, the estimation of the stock of fossil fuels was hotly debated in the past. The possibility that the world might be running out of oil provoked great concern among both the authorities and the public at large. Two moments stand out in the trend for geological pessimism: the first quarter of the 20th century in the United States and the 1960s and early 1970s across Europe, Japan, and North America. Fears of an oil shortage played an important role in triggering public awareness of the need to conserve natural resources. Ultimately, the conservationist currents, which ripened within the wealthy, educated segments of the population, evolved toward more politically oriented ecological movements. To face Earth's challenges, they called for energy-saving policies on the demand side and tighter regulation of private business on the supply side. However, the gloomy predictions of a looming age of scarcity were dashed by unfolding events: first, untapped oil reserves were discovered in the United States, which turned anxiety about a shortage into glut management (1926–29); and second, the price hike triggered by the Middle East Arab oil embargo and production cuts (1973–74), whereby long-term ecological pessimism was replaced by a critical, immediate energy crisis.

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