The Future of Energy: Short Analysis

Running head: THE FUTURE OF ENERGY1
The Future of Energy: Short Analysis
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THE FUTURE OF ENERGY

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The Future of Energy: Short Analysis
The world is experiencing a major shift in energy production, distribution and consumption. In a recent leading article in The Economist, “Is it the end of the oil age?” (“Is it the end of the oil age?” 2020), a closer examination is made to current and future state of affairs of energy management. The undergoing shifts – geopolitical, economic and social – accelerated more by COVID-19, shows article, are reshaping current and future energy systems at production and consumption ends. More specifically, major producing countries (also know as “petrostates”), particularly developing ones such as Saudi Arabia and Venezuela, are facing uphill political, economic and social upheavals against a backdrop of historical declines in oil prices accentuated more by declining demands brought about by COVID-19. Conversely, major oil consumers, including China and America (prior to shale oil and natural gas discoveries, have been engaged in fierce geopolitical battles to influence oil production at favorable prices. This energy system, so dominant in 20th century, is now giving way to a “cleaner” and “greener” energy system dominated more by more efficient management of energy resources and, more importantly, more investments in renewable energy resources such as solar, wind and cleaner conventional fuels such as natural gas. This energy shift, asserts article, is not going to be messy possibly sweeping away whole old system institutions politically, economically and socially. In “Is it the end of the oil age?” several questions arise as to how current world would be in a few decades as current energy shifts contin...