Economist Piven Warns of Looming Energy Crisis as Fossil Fuels Run Out

Fears of an Energy System Collapse

According to ХВИЛЯ: In an interview with political analyst Yuriy Romanenko, economist Maksym Piven expressed grave concerns about a potential cascading energy collapse triggered by the depletion of fossil fuels, specifically oil, gas, and coal. He warned that once oil is exhausted, the depletion of gas will accelerate, and coal will not serve as a reliable substitute as its extraction is also nearing its peak. This scenario presents a fundamental challenge to modern industrial economies built on abundant, cheap energy.

Piven noted that the disappearance of oil would force Europe to turn to gas, as the infrastructure-such as Ukraine's Gas Transmission System, the 'Nord Stream,' and 'Blue Stream' pipelines-is already in place.

What will Europe do when its oil runs out? It will likely switch to gas. Europe already has pipelines-Ukraine's Gas Transmission System, the 'Nord Stream,' and 'Blue Stream.' These pipelines were built in advance. Europe will need something to replace oil, which will become increasingly scarce worldwide.

Maksym Piven

However, Piven argues that even gas cannot meet consumer needs in the long term. 'But after oil, gas will also run out. Earlier forecasts suggested gas would last another 50-70 years (until the 2070s-2090s). But all these calculations were made considering we have oil. When oil is gone, we will have to consume much more gas, and accordingly, these forecasts will shift significantly closer,' he added.

The State and Prospects of Coal

Coal, another component of the energy mix, already reached its global extraction peak in 2014. Although China surpassed this peak in 2024, experts warn that the coal peak is also approaching its end.

Among hydrocarbons, we have oil, gas, and coal. The peak for coal was in 2014. The Chinese pushed a bit and exceeded it in 2024, but all specialists know the coal peak is also imminent. Coal won't last long either.

Maksym Piven

These forecasts underscore the urgent need to revise energy strategies and seek alternative energy sources to avert a potential collapse. In the context of global climate change and dwindling resources, countries must find effective solutions to ensure the stability of their energy systems and reduce dependence on fossil fuels. This may include:

• investing in renewable energy sources;
• developing new energy storage technologies;
• improving energy efficiency across all economic sectors.