Europe Paying EUR 500 Billion a Year For Oil

Yet another fact I learned from the excellent report “Europe facing peak oil” by – Benoît Thévard, commissioned by the Greens in the European Parliament, at page 37.

Oil is accounting for 38% of primary energy consumed in the EU, and only 13% of that has been produced there, leaving 87% to be purchased abroad, for EUR 500 billion. By 2020, the dependence on imports will rise to 92%.

That would seem to present some interesting opportunities for saving money, by increasing efficiency and deploying renewable energy on a massive scale. In the 37 years left until 2050, those EUR 500 billion add up to EUR 18.5 trillion, and that’s not even factoring in that oil will only get much more expensive in the coming decades.

Considering this kind of money, the estimate of a measly EUR 666 billion for the Desertec project looks rather lacking in ambition.

Published by kflenz

Professor at Aoyama Gakuin University, Tokyo. Author of Lenz Blog (since 2003, lenzblog.com).

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