Where Energy Efficiency and Alternative Energy Work, Where They Don’t, and Why

Abstract

We need rational selection of energy projects.
In 1973, the first Arab oil embargo made depletion of energy re-
sources a worldwide concern. The world quickly recognized the two
possible responses—finding new sources of energy and using available
energy more efficiently.
Beyond that, there has been little consensus about which new en-
ergy sources to pursue, which conservation measures to accomplish, and
which technology to develop further. Instead, most such decisions have
been made without regard to the objective value of the actions taken.
Energy investments are guided by personal preference, proprietary
interests, popular enthusiasm, and the desire to exploit government
incentives.
As a result, progress toward a secure energy future has slowed
to a crawl. Society is investing its remaining time and finite resources
carelessly. The pervasive problem among individuals, businesses, and
nations is failing to judge energy projects in terms of their real ability
to save or produce energy under the conditions that exist.