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Rising oil prices – a compelling indicator for renewable energy growth

Increasing Oil Prices could Trigger Renewable Energy Growth, March 9, 2012 by Jason Staeck ProspectingJournal ,  “……The Energy Information Agency recently released its “Annual Energy Outlook 2012”. It reported that renewable energy production was set to double by 2035 even if all government tax breaks had expired. Electricity demand is expected to grow by just under 1 percent each year, with the outlook also suggesting a growing reliance on renewable sources in electricity consumption.

California has set a precedent, with regulators issuing rules that will require 1 in 7 cars produced in 2025 to contain either zero-emission or plug-in hybrid technologies. Many analysts are bullish other markets will follow suit.
Regardless, oil prices are likely to remain the decisive factor in advocating such changes. With global reliance on oil growing there is little reason to believe prices will decrease in the near future. ….  higher prices may be realized very rapidly. If that were the case, we
are likely on the brink of compelling many to restructure their consumption habits in favor of renewable energy sources. And history tells us that there will be more oil shocks to come.
http://www.prospectingjournal.com/increasing-oil-prices-could-trigger-renewable-energy-growth030912/

March 10, 2012 - Posted by Christina Macpherson | general