Light At End Of Tunnel?
Lately I have been feeling under the weather due to a double ear-infection that I picked up from swimming. I haven’t had an ear infection in years, so I guess this proves that your never too old to have one. So in todays post I’m going to cut straight to the point.
While reading the news this afternoon, I saw a report about the recent Platts Energy Podium in Washington D.C. The event gives an opportunity to discuss the energy issues facing our society. The guest speaker for today was Guy Caruso, who is the chief of the Energy Information Administration. The highlights of the podium included Caruso’s thoughts on the near future of oil prices. He predicted that “crude oil might fall below $100 dollars a barrel over the next year and a half. This is due in large part to the decrease in demand and also increase in supply from oil producing countries.”
Let’s face it, plain and simple America loves oil. Our economy is run off of oil. In America we consume nearly one-fourth of the energy produced in the World each year, even though there is only four-percent of the World’s population living within our borders. It comes as no surprise that when prices of crude surge like it did a few months back, things begin to slow down in our nation’s economy. People spend less money on things that are of lesser importance in efforts to make sure they have enough money to pay for their groceries, electricity and heating bills, and gas for their vehicles (all of which are directly affected by the trading price of crude oil).
Prices of oil may (and hopefully will) continue to drop like they have been in recent weeks. Many people have and are suffering from the recent oil prices, but thats not to say nothing positive has developed from it. I do believe that this has planted a seed for the growth of renewable energies within this country.
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Only higher oil prices will force americans for alternative energy. Even when the whole world cares for the earth’s well being, its only the americans who turn a blind eye towards pollution due to oil.
Let the prices go still further up. That will force more alternative energy projects.