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Oil, natural gas, and coal have provided a huge, high-quality energy subsidy to the modern world.

That subsidy, which has enabled human population and wealth to grow exponentially, is based on finite resources and cannot continue indefinitely.

Renewable energy sources, excluding hydropower, are generally more diffuse and have lower net energy ratios than fossil fuels.

If high net energy sources are in decline, and no reasonable replacements are available, the result may be a painful restructuring as society rearranges economic activity to fit a diminishing energy supply.

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Declining oil field productivity has brought the average net energy ratio for conventional oil down to approximately 20:1 globally, with more remote or hard-to-refine oil significantly worse.

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A society that depends on inexpensive energy to maintain a high standard of living and constant growth faces a predicament—it cannot maintain itself over the long run without high net energy fuels.Experts who study this use the terms “net energy ratio” or “energy returned on energy invested” (EROEI).Decades ago when the most accessible reserves were drilled, an oil company might produce 100 barrels of oil or more for each barrel’s worth of energy invested.A BUSINESS MAY HAVE high gross receipts and still go broke; it is the net, the profit after costs are subtracted, that determines viability.For any potential energy resource, the fundamentals are the same.Sugarcane-based ethanol has a superior net energy ratio, but it is still low compared to fossil fuels.