The costs of primary energy
We are currently spending € 87 billion annually on primary energy. The diagram gives a precise breakdown of these imports (oil, gas, coal and uranium). Our trade balance shows a figure of € 900 billion for imports, with energy thus accounting for 10%.
By comparison: our exports amount to € 1100 billion and our GDP is € 2600 billion.
What we learn from the debate about fracking is that the midpoint of depletion of the world’s oil and gas fields, when half the total has been used, was reached long ago. Otherwise, why would such a dangerous and resource-intensive production method be the focus of the public debate? With demand likely to continue to increase strongly, we believe that relying on falling primary energy prices is far too risky a strategy.