As the price of a barrel falls below $60, the long-term impact on wind, solar and hydro-power could be catastrophic for the planet
Tom Bawden
The Independent [UK]
12 December 2014
The collapsing oil price that is reshaping the global economy could derail the green energy revolution by making renewable power sources prohibitively bad value, experts have warned.
Oil tumbled below $60 a barrel for the first time in more than five years yesterday – a fall of 44 per cent since June. It is forecast to fall further.
A new “era of cheap oil” would be good news for consumers and motorists – but analysts say the consequences for politics, industry and the climate could be even more radical.
The ripple effects could help the Conservatives to remain in power at next year’s general election by making voters feel richer as bills fall – while hurting Scotland’s oil-reliant economy and setting back its campaign for independence.
The falling prices could damage the North Sea and fledgling fracking industries and make it harder for the UK to hit its legally binding targets to cut carbon emissions. But the biggest threat posed by falling oil and gas prices – in the UK and globally – is to the renewable energy industry dominated by wind-, solar- and hydro-power, experts say….
The article continues at The Independent.
