New Energy
With increasing globalization, developing economies are experiencing a great boost to their purchasing power. This is especially true of China and India. Not surprisingly, along with their greater purchasing power comes a desire and ability to improve their standard of living. These large developing economies now compete with currently entrenched major market players as the United States, Canada, and countries in Western Europe for world energy reserves.
Competition for constrained, depleting carbon-based resources is not likely to diminish in the near future. In fact, we are currently witnessing first-hand the dynamics of an oil economy that will certainly not improve on its own unless deliberate action is taken to curb such dependency.
Hydrogen: Energy Carrier
As transportation accounts for 67% of the 20 million barrels of oil our nation uses per day, it would make
sense to seek an alternative to the traditional internal combustion engine (ICE). To this end, the
Department of Energy (DOE) has set some lofty goals for the introduction of a cost competitive fuel-cell
vehicle (FCV). While continuous advances are being made on fuel-cells in terms of costs and materials,
hydrogen storage remains a major problem that needs to be addressed adequately. Indeed, "Hydrogen
storage is one of the key hurdles in creating a hydrogen-based transportation system," according to
James Spearot, director of GM's chemical and environmental sciences laboratory.