The energy costs of fossil fuels could be classified into 2 broad categories: One that we pay money for, and the other, we do not. Cost is an important and complex consideration. Now our country must choose between paying to continue the status quo and investing in a new energy future. As recently as September 2017 the Universal Ecological Fund released a report estimating that climate change as a whole was impacting the US economy by an average of $240bn a year, or 40% of its current economic growth.
Fossil fuels are in the news a lot these days — mostly because of our continuing efforts to replace them with more environmentally friendly sources of energy like solar and wind power..
Meanwhile, fossil fuel use continues to impose massive environmental and economic costs.
The use of fossil fuels in transportation contributes almost 30 percent of all US global warming emissions, rivalling—and likely to surpass—the power sector . These costs are very large: The burning of fossil fuels releases deadly air pollution, hastens the destruction of the climate, and (sometimes) increases traffic fatalities. The purchase price of any fossil fuel like petrol includes the drilling cost, labor working in refining plants, and the transport of the fuel to retail points. For instance, a Harvard University study concluded that that these costs increase the costs of coal by anywhere from 17.8 ¢/kWh to 26.89¢/kWh of electricity generated. The hidden costs, that we do not pay for, include global warming and associated health problems.
When external costs, such as human health and environmental damages, are included these costs for fossil fuel generated energy go up substantially.
The increasing prevalence of extreme weather events has sharpened the focus on assessing the financial cost of our use of fossil fuels.
Cost: Fossil Fuels. America is at an energy crossroad. If you pour gasoline into your vehicle, there isn’t a doubt that the fuel will fail to ignite. As a nation, we are dependent on fossil fuels at a time of growing demand and dwindling supply. Burning fossil fuels emits a number of air pollutants that are harmful to both the environment and public health. Let’s break down where these additional costs stem from. Because the technologies which surround fossil fuels are well-established, the consumer cost to use them is quite load.
Beyond fuel prices alone, you also must account for the cost of building (or renovating), operating, and maintaining system infrastructure. The energy that is produced by their refinement and combustion is incredibly consistent. This includes power plant boiler equipment and transmission cables. Air pollution.
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