In the medium term, the US Department of Energy forecasts $108 a barrel by 2020. If oil prices continue on this trend, and gas prices rise to meet them, then our consumers will be winning hands down.
However, the plan to move away from fossil fuels stand on measures in the electrical sector (renewable energy, nuclear power and clean coal and gas). In Portugal oil is mainly consumed by the transportation sector, not in electricity generation and checking IEA statistics for the United Kingdom the trend is the same. Maybe the plan needs some adjustments.
Read the article: Rising oil prices transform low carbon economics, says UK Energy Secretary - Energy Efficiency News
Oil prices really seem to be the in all and be all of everyday conversation now, but your post really helps put things in order, especially when there is so much conflicting information out there. (Although there is one article I read today that's likewise very insightful: http://www.pressdisplay.com/pressdisplay/showlink.aspx?bookmarkid=CLR30V6Y32S&preview=article&linkid=d48bd2ce-b664-48a2-a062-934a80373813&pdaffid=ZVFwBG5jk4Kvl9OaBJc5%2bg%3d%3d)
ReplyDeleteanyway, thank you for the post!