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Oil and Gas Company Ferrari Energy Answers: What Factors Affect the Amount of Fossil Fuel Left on Earth?

What Factors Affect the Amount of Fossil Fuel Left on Earth

When it comes to what fuels our world, fossil fuels are at the top of the popularity list. Fossil fuels include crude oil, coal, and natural gas, and each is in high demand and consumed in high quantities annually. Fossil fuel deposits were formed from organisms that inhabited specific regions millions of years ago and differed depending on the climate per region and geological processes. Due to the long-term limitation factor that comes with the use of fossil fuels, some people wonder how much of these resources are left and the determining components of why some regions have more of it than others. 

Ferrari Energy, a privately family-owned oil and gas company, says statistics reflect that the annual consumption rate of fossil fuels in the United States adds up to around 7.3 billion barrels of crude oil, 623 million tons of coal, and 29.96 trillion cubic feet of natural gas. Considering how much fossil fuels are consumed on average a year globally, Ferrari Energy explains the limiting elements that affect the amount of fossil fuel left on Earth. 

Crude Oil

Fossil fuels are considered nonrenewable resources because, due to how they came to be, it does not renew itself and is unavailable for future use once the resource is used. In 2018, the global oil demand increased by one point three percent. Oil plays a prominent role in society as it supplies around forty percent of the world’s energy. Ninety-six percent of that energy is used for transportation purposes. The continuous growth of transportation has only increased the need for oil. 

Coal

The demand for the oldest fuel used by man, coal, has increased by zero point seven percent since 2018. Formed from vegetation, coal took more than a few hundred million years to develop into what is used presently. Coal generates about thirty-eight percent of the world’s electricity.  

Natural Gas

Growing in demand in 2018 at a rate of four point six percent, gas now takes up about twenty-three percent of the total energy market worldwide.

Future Sources

Although fossil fuels are considered nonrenewable, they are plentiful and inexpensive, making transitioning away from them more difficult.  Gasoline or diesel fuel, for instance, contains about 40 times as much energy as a state-of-the-art electric battery. Unlike fossil fuels, wind and solar can only generate electricity when there is sunny weather or when the wind is blowing. Additional challenges include the production of steel, cement, and glass, which need very high heat. Steel blast furnaces operate at very high temperatures, which are challenging to produce without burning fuel. Alternative energy sources are out there, but fossil fuels still offer the most reliable and cost-effective energy source.

About Ferrari Energy

Ferrari Energy took its name from its founder, Adam Ferrari. Adam is a native of Chicago and was formally educated in chemical and biomolecular engineering. He completed his degree at the University of Illinois at Urbana Champaign and finished at the top of his class, graduating magna cum laude. As a young professional, Adam worked in the operations and business sides of the energy industry. After gaining ten years of direct industry experience, he took his passion for the energy industry and launched Ferrari Energy.

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