Katerina Swanson
Fossil fuels, including coal, oil, and natural gas, have been a critical energy source and a mainstay in global energy production for centuries. However, their significant environmental and health impact has led to a growing consensus on the need to transition to alternative energy sources. Fossil fuel reserves refer to economically and technically recoverable sources of these fuels, with proven reserves representing those that can be reasonably expected to be recovered under existing economic and technological conditions. As countries strive to meet climate goals, such as the Paris Agreement's target of keeping global temperature rise well below 2°C, leaving a significant portion of fossil fuel reserves untapped becomes imperative.
| Characteristics | Values |
|---|---|
| Definition | Fossil fuel reserves are estimated volumes of hydrocarbon resources that can be recovered under existing economic and operating conditions. |
| Discovery | We continue to discover new fossil fuel reserves, but at a low rate that cannot meet population needs with current and future usage levels. |
| Consumption | Fossil fuel consumption varies by country and is measured in barrels per day. The world consumed 35,442,913,090 barrels of oil in 2016, equivalent to 97,103,871 barrels per day. |
| Production | Fossil fuel production helps us understand where fossil fuels are being extracted. Oil production is measured in terawatt-hours of energy. |
| Environmental Impact | Fossil fuels are non-renewable and have a negative impact on health and the climate, contributing to global warming. |
| Transition | Many countries are committing to phasing out coal power and transitioning to renewable energy sources. |
| Remaining Reserves | As of 2016, there were 1.65 trillion barrels of proven oil reserves globally, equivalent to 46.6 times the annual consumption level. Oil is estimated to last up to 50 years, natural gas up to 53 years, and coal up to 114 years. |
| Proved Reserves in the US | In 2023, U.S. crude oil and lease condensate proved reserves decreased by 3.9% to 46.4 billion barrels. Proved reserves of U.S. natural gas decreased by 12.6% to 603.6 trillion cubic feet. |
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What You'll Learn
Fossil fuel production and extraction
Fossil fuels are non-renewable sources of energy formed from the organic matter of prehistoric plants and animals. Common fossil fuels include coal, oil (petroleum), and natural gas. The extraction and production of these fossil fuels involve various methods and processes, which have evolved significantly over time.
Coal extraction is primarily done through surface mining, which involves removing the top layers of soil and rock to access the coal. Underground mining, which creates tunnels in mountains to reach the coal, is also employed but to a lesser extent. Both methods have negative environmental and health impacts on surrounding areas, with coal combustion releasing air pollutants such as sulfur dioxide, nitrogen oxides, mercury, and particulate matter.
Oil extraction, on the other hand, involves drilling vertical wells into underground reservoirs. When the underground pressure is sufficient, oil rises to the surface, and a complex arrangement of valves captures it. As the pressure decreases, operators employ secondary methods, such as injecting gases or water to increase pressure or using pumps to bring the oil up. Horizontal drilling and hydraulic fracturing, or "fracking," are newer techniques that have gained popularity in the extraction of shale oil and gas.
Natural gas, another fossil fuel, is often found and extracted alongside oil. Shale gas, in particular, has become an attractive source due to changing extraction methods and rising natural gas prices. The production of natural gas involves processing and refining to create fuel gas, liquefied petroleum gas, and other products.
The extraction and production of fossil fuels carry significant environmental and safety risks. These processes contribute to climate change, air and water pollution, and hazardous working conditions for employees in the industry. As a result, there is a growing movement towards transitioning from fossil fuels to renewable and sustainable energy sources.
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The environmental impact of fossil fuels
Fossil fuels—coal, oil, and natural gas—are currently used to supply around 80% of the world's energy. They are also used to make plastics, steel, and a wide range of products. Fossil fuels have significant environmental, health, and climate costs that are not reflected in market prices. These costs are known as externalities. Each stage of the fossil fuel supply chain, from extraction and transportation to refining and burning, generates externalities.
Burning fossil fuels releases large amounts of carbon dioxide, a greenhouse gas, into the atmosphere. These gases trap heat and contribute to global warming and climate change. In 2019, fossil fuels accounted for 74% of US greenhouse gas emissions, with nearly 25% of emissions coming from fossil fuels extracted from public lands. The impact of human activities on global warming is only accelerating, and the consequences of failing to meet global targets could be dire. The 2020 United Nations Emissions Gap report states that based on current planning, the world is on pace for a temperature increase of 3.2°C by 2100, which falls short of the Paris Agreement's goals. To meet the target of 2°C, a significant portion of fossil fuel reserves must remain unburned.
The burning of fossil fuels also releases nitrogen oxides, which contribute to the formation of smog and acid rain. Fossil fuels produce other hazardous air pollutants, including sulfur dioxide, particulate matter, carbon monoxide, and mercury, which are harmful to both the environment and human health. Globally, fossil fuel pollution is responsible for one in five deaths. In the United States alone, 350,000 premature deaths in 2018 were attributed to fossil fuel-related pollution, with Black and Hispanic Americans disproportionately impacted.
Other environmental impacts of fossil fuels include ocean acidification, with at least a quarter of the carbon dioxide emitted being absorbed by the oceans, changing their chemistry (pH). This, along with atmospheric warming, has resulted in global sea level rise, causing more frequent flooding, destructive storm surges, and saltwater intrusion.
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The health impact of fossil fuels
Fossil fuels, such as coal, oil, and natural gas, have significant climate, environmental, and health impacts that are often not reflected in market prices. Burning fossil fuels emits greenhouse gases, such as carbon dioxide, contributing to climate change and resulting in various health issues.
The health impacts of fossil fuels are extensive and far-reaching, affecting people of all ages, but particularly vulnerable groups include children, the poor, and certain minorities, especially those in developing countries. Fossil fuel pollution is a leading environmental threat to global pediatric health, with young children and developing fetuses being disproportionately affected due to their immature defense mechanisms and rapid development. Exposure to toxic air pollutants and climate change-induced by fossil fuel combustion can have severe neurodevelopmental impacts on children, impairing their growth and development.
The combustion of fossil fuels releases ultra-fine particles and aromatic hydrocarbons, which have been linked to asthma, cancer, heart disease, and premature death. Globally, the burning of fossil fuels is responsible for approximately one in five deaths, with new research even doubling this estimate. This includes the high number of premature deaths in the United States attributed to fossil fuel-related pollution, particularly in states like Pennsylvania, Ohio, and West Virginia.
The environmental and health impacts of fossil fuels disproportionately affect communities of color and low-income communities. Black and Hispanic Americans, for instance, are exposed to significantly higher levels of particulate matter pollution than the average population. Additionally, areas like Beijing and other major cities in China experience air pollution levels far beyond the standards set by the World Health Organization due to emissions from coal-fired power plants and vehicles.
The health impacts of fossil fuels extend beyond physical ailments and have been shown to affect brain function as well. Research suggests that informing people about the health consequences of climate change and air pollution caused by fossil fuels can increase public concern and support for a transition to cleaner energy sources.
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The future of fossil fuel reserves
Fossil fuels are non-renewable resources formed millions of years ago. They are being used up very quickly, and while the exact date they will run out is unknown, it is predicted to be sometime this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. However, these estimates may be optimistic, as global energy consumption is increasing, and fossil fuels currently account for approximately 63% of the world's total energy consumption.
On the other hand, the global energy market is still heavily dependent on fossil fuels, and there is not yet enough renewable energy to meet the world's energy demands. According to the International Energy Agency (IEA), world oil resources are expected to be sufficient to meet projected growth in demand until 2030. However, this assumes that necessary investments in oil exploration and extraction will be made, and it is unclear if this will happen due to the environmental concerns and investment risks associated with fossil fuels.
As fossil fuels become scarcer, nuclear power is becoming an increasingly prominent alternative, as it is the only other base system capable of providing electricity continuously 24 hours a day. Uranium, which is used in nuclear reactors, may last over 150 years, and thorium-based nuclear reactors have been proposed as a more abundant and sustainable alternative to uranium.
In conclusion, the future of fossil fuel reserves is uncertain. While the world needs to reduce its consumption of fossil fuels to meet climate goals, it is also facing the challenge of finding alternative energy sources that can meet the growing global energy demand. The transition to a low-carbon future will require significant changes in business models, investment strategies, and global cooperation.
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The performance of companies with fossil fuel reserves
Fossil fuels, including oil, gas, and coal, account for approximately 63% of the world's total energy consumption. The world's remaining fossil fuel reserves, if combusted, will consume over four times the carbon budget for staying below a 1.5 °C increase in global temperatures. To avoid dramatic climate change, most fossil fuel reserves must be left unused. This has motivated the fossil fuel divestment movement, which encourages investors to divest from companies with fossil fuel holdings.
Some investors are increasingly considering the non-financial impact of their investments, seeking responsible investing options. They are evaluating funds' exposure to companies that own fossil fuel reserves and opting for funds with minimal or no exposure to these companies. This trend is driven by initiatives like the Paris Agreement and the need to reduce greenhouse gas emissions.
However, the transition away from fossil fuels is complex. Fossil fuel companies argue that the transition will take several decades, and fossil fuels will continue to play a significant role in the meantime. Additionally, the largest asset manager groups have increased their holdings of thermal coal reserves since the Paris Agreement, indicating a lack of strategic effort to shift away from coal.
In conclusion, the performance of companies with fossil fuel reserves is a multifaceted issue. While some investors are actively divesting from these companies, others are increasing their holdings. The transition to a low-carbon future involves addressing the associated investment risks and environmental imperatives. Ultimately, the performance of these companies is influenced by global efforts to combat climate change and the willingness of investors to prioritize responsible investing over traditional financial metrics.
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Frequently asked questions
Fossil fuels include coal, oil and natural gas. They are drilled or mined before being burned to produce electricity or refined for use as fuel.
Fossil fuel reserves are defined as economically and technically recoverable sources of crude oil, natural gas and thermal coal.
It is difficult to know exactly how much fossil fuel is left in the world. The U.S. Geological Survey (USGS) estimates the amount of oil and gas remaining in the world and has noted a slight increase in the combined volume of identified reserves and undiscovered resources in recent years.
Fossil fuel reserves are located all over the world. The USGS provides estimates of potential resources so that decision-makers can manage the nation's resources. One example of a fossil fuel reserve is the National Petroleum Reserve-Alaska (NPR-A), a roughly 23.4 million-acre area of federal land managed by the Bureau of Land Management.
Fossil fuel reserves are important because they represent a significant portion of the world's energy consumption. However, they are also important to move away from due to their impact on health and the environment.
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