In ancient times, fossil fuels are used to produce energy until the 18th century. Fossil fuel energy contributed to a greater boost in productivity. In 18’s century, coal larger supplies were less expensive than wood, water, and wind to produce energy.
Introduction: Fossil Fuel Energy
In the 20th century, oil replaced coal to produce energy. We can also see its consumption that has an enormous impact on the transport industry. We can also see energy’s role in our daily routine life, like traveling and transport heating and lighting for offices and homes, etc.
Oil was the cheapest way to extract as an energy source first which has its major reserve in Saudi Arabia. The research shows that every single unit of oil consumed to produce energy will give 30 units of energy. On the other hand, undersea oil and gas give a return between 16-to1 and 20-1 while tar sand and biofuels like ethanol give an energy return in a single-digit figure. This is due to the conventional methods to produce energy.
However, conventional energy sources like tar sand and biofuels had a small contribution to energy production globally. These methods are declining due to the high marginal cost of new energy resources that are used to drive up the average cost.
Energy production contributes about 4-5% of GDP globally. When the fuel prices drop in the 1990s, it has a positive greater impact on the economy. It is the need of the hour, to find out new cheapest sources of energy production, like solar panels that substantially, reduce its cost. The high energy prices urge economic activists to invest in alternate energy resources based on the latest technology that has less cost and overheads to produce energy.
Conclusion
Energy production from fossil fuel energy emits many gases and wastes that harm the global environment. No doubt, these fuels are less costly as compared to the latest renewable energy sources. But the transportation and overcoming of its emission impact on the environment make it more costly as compared to other sources. Due to this, renewable energy sources have a greater output than fossil fuel energy.