Fossil Fuels

Advantage, relatively cheap at present in money terms.

Disadvantages.

Expensive in social cost. All fossil fuels create carbon dioxide as an essential part of the process, which inevitably increase global warming and could lead to catastrophic climate change.

This is an ‘externalility’ an external cost, the industry does not pay, but society pays for.

Finite amount, not renewable.

We are not self-sufficient in fossil fuels, some have to be imported, which makes them vulnerable to political changes.

Prices will increase as fuels get rarer and mining and drilling become more expensive.

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