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sexta-feira, janeiro 28, 2005

Bill Ford: "I believe fuel cells will finally end the 100-year reign of the internal combustion engine."

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The explanation is not scarcity. Despite recent claims of rapid depletion, there is enough oil to last many decades. The real problem is concentration. Saudi Arabia and its neighbours sit atop nearly two-thirds of the world's proved oil reserves. As the world depletes expensive oil reserves from sources outside the Organisation of Petroleum Exporting Countries in places such as the North Sea, the Gulf's market share will soar. The potential for disruption can only grow.

There is no immediate solution, because there is no practical alternative to oil today. Add to this inadequate oil stockpiles, especially in the developing world, and you get a world needlessly vulnerable to a shock. As for longer-term responses, three views dominate energy policy: relax, keep pumping and ride your bicycle.
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The best way for America to enhance energy security is to raise its absurdly low petrol taxes. A carbon tax, slowly phased in, would send a clear signal to markets that the externalities of burning fossil fuels matter. And if the revenue is recycled to households quickly as income tax relief, Mr Bush could even market it as the Patriot Tax Refund. Without picking winners, such a policy would also spur innovation and investment in clean energy technologies such as fuel cells. The good news is that hydrogen fuel cells finally offer a way to move beyond oil and the internal combustion engine. If this technology takes off, it could even mean the death of Opec. Because hydrogen can be produced anywhere, from any primary energy source, this brave new energy world could never be held hostage by terrorists.

Al-Qaeda's latest warning was on my mind in Riyadh recently, where a Saudi security expert was telling me the government had broken the local al-Qaeda cell - just as two car bombs went off nearby. That incident convinced me of the urgency of the task, and reminded me of these evocative words from Bill Ford, chairman of the car giant: "I believe fuel cells will finally end the 100-year reign of the internal combustion engine."

If the Texan oilman gets serious about climate change, today's nascent energy revolution could eventually end the world's addiction to oil. Now that would be a welcome energy shock.
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FT.com / Comment & analysis / Comment - The world is set for a new type of energy shock

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