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The economic utility of energy and global warming
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Our use of energy, specifically fossil fuels, is the major source of greenhouse gas emissions. If we could cut down on our use of energy or switch to energy sources that do not release carbon dioxide into the atmosphere, we could slow down global warming.
The problem is that the use of energy is the basis of our modern lifestyles and is not going to be given up easily. Fossil fuels produce over 85% of our total energy.
Consider that a person pedaling a stationary bike connected to an electric generator would produce a maximum of about 125 watts. Pedal like that for 8 hours per day and you would produce about 1 KWh of electricity. The cost of that electricity from the power company, delivered to you home, would cost you anywhere from $0.08 to $0.15 in this country.
If you consider the power that the average person uses each day in their car, riding the bus, and in their home; it amounts to the equivalent of a lot of human labor. One gallon of gasoline is approximately 12.5 KWh of electricity or about 12.5 man days worth of human labor.
Back before the industrial age, servants, slaves and animals of burden were popular because energy could not be purchased at any price. Electricity did not run to homes. There were no cars or gas stations. Most people use modern energy consuming devices to improve their lifestyles. Our modern economy’s use of energy has enabled large numbers of people to live lifestyles better than even the wealthy people of past centuries.
In economic terms, people derive a lot of economic utility from the energy they consume. They are not likely to give that up, at least not easily. If people are forced to choose paying higher prices for energy or spending their money on other items or services, energy could likely win out because of its higher utility to the individual. That is why demand for gasoline falls very little even when prices rise to very high levels.
There are only three ways to decrease the production of carbon dioxide:
- Substitute an energy source that produces less (or none) carbon dioxide for an energy source that is less environmentally friendly.
- Produce devices that provide the same utility as existing devices but use less energy.
- Use population control to decrease the number of people who desire to consume energy.
Power of a Human
