I just filled up my car for under $20, so despite dire warnings about the death of green energy I'm going to say that cheap oil is awesome.
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.
It's important to note that the "green revolution" has always been completely dependent on public subsidies. Cheaper oil would make those subsidies much more expensive to allow green energy to compete with brown energy. Maybe we should use some of the money we're saving to develop climate-mitigation technologies?
