New at Mother Jones: The Coming Energy Crunch

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


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.

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate