Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

There's only one way for the US to reach energy independence

Published 07/15/2017, 03:36 PM
Updated 07/17/2017, 09:32 AM
© Ethan Miller / Getty, Workers install a panel washing robot on the 28-megawatt solar farm at Nellis Air Force Base in Las Vegas, Nevada on February 16, 2016. In 2007, former President George W. Bush signed a law requiring the Pentagon get at least a quarter of its electricity from renewables by 2025.

Achieving energy independence in the US is one environmental issue Democrats and Republicans can agree on.

It's easy to see why we should produce our own energy — relying on other countries for oil, natural gas, and coal (the biggest sources used today) can get complicated. It can lead to wars, or compromise our relationships with foreign powers.

President Trump is focusing not just on energy independence, but what he calls "energy dominance," vowing to "unleash" American natural gas and coal exports on the world.

The rise of fracking has unlocked vast natural gas reserves, allowing the US to import less natural gas in 2016 than in any year since the US Energy Information Administration started keeping track in 1973. Gas imports, most of which arrive in pipelines from Canada and Mexico, peaked in 2007 at 3.8 trillion cubic feet. But after fracking became popular, imports plummeted to 671 billion cubic feet last year.

Fossil fuels will eventually run out around the world, however. Experts estimate that the US only has enough natural gas reserves to last 93 more years, and enough coal to last about 283 years.

Putting politics aside, there is only one surefire way to be completely and indefinitely energy independent: adopt 100% renewable energy.

The US will always have its wind, sunlight, and water.

In 2016, energy produced from harnessing these renewables only made up 15% of the electricity generated in the United States. Hydropower was responsible for 6.5% of that, while wind made up 5.6%, and solar represented a scant 0.9%.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

They're on the rise, though. The world added more energy from renewable sources than from fossil fuels in 2015 and 2016 — because they finally became cost effective. The plummeting price of clean energy has allowed the US to decrease its carbon emissions over the last three years while the country's GDP has increased.

Some countries are already pursuing this fossil fuel-free strategy. Costa Rica powered its small Central American nation on 98.1% renewables in 2016. It will take more time for a massive country like the US to achieve that, but Costa Rica has demonstrated that it can be done.

True energy independence can only be unlocked when America wholeheartedly embraces renewables. The good news is that we're on our way. The question now is, "When?"

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.