Energy reserves, supply and demand
Energy and Economics : public choices and market incentives

The table at 1 shows that oil remains the world's dominant energy source (31.7% of the primary energy balance), ahead of coal (28.1%) and natural gas (21.6%). Fossil fuels still account for 81.4% of the world's marketed energy consumption. This share has fallen since the 1973 oil crisis (when it was 87%, including 46.2% for oil alone), but relatively modestly, due to the inertia that characterizes the energy sector. Equipment with a lifespan often exceeding 30 or 40 years (power plants, networks, housing, etc.) cannot be changed overnight. This means that fossil fuels will continue to satisfy a high proportion of energy demand for many years to come. The amount of energy consumed annually...