New at Mother Jones: The Coming Energy Crunch

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The Energy Crunch To Come: Soaring Oil Profits, Declining Discoveries, and Danger Signs, by Michael T. Klare.

Unlike the average driver of the average automobile, the oil industry has just come off a bumper year. Profits have reached all-time highs, with, for example, Exxon-Mobil reporting quarterly income of $8.42 billion, the highest quarterly income ever reported by an American firm.

But, as Michael Klare, author of Blood and Oil: The Dangers and Consequences of America’s Growing Petroleum Dependency, notes, this can’t last.

[C]heering as the recent announcements may have been for many on Wall Street, they also contained a less auspicious sign. Despite having spent billions of dollars on exploration, the major energy firms are reporting few new discoveries and so have been digging ever deeper into existing reserves. If this trend continues — and there is every reason to assume it will — the world is headed for a severe and prolonged energy crunch in the not-too-distant future.

We can soften the landing by conserving energy today funding R&D for alternative technologies tomorrow, but “at current rates of development, none of these alternatives will be available on a large enough scale when petroleum products become scarce,” a point also made by Paul Roberts
in a recent Mother Jones article.

Check out Michael Klare’s “The Energy Crunch To Come” online at Mother Jones.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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