Cheap Oil will destroy Costly Renewables

The benchmark U.S. oil price settled 2 cents higher at $55.93 a barrel on the New York Mercantile Exchange. Prices traded as low as $53.90 a barrel and as high as $57.15 a barrel in the session. 

Brent crude, a global price gauge, settled down 2% at $59.86 a barrel, its lowest settlement since May 19, 2009. (Link)

This is good news for consumers but bad news for Alarmists and Politicians pushing the Falsified AGW hypothesis.

The Independent Weekly laments the fall:
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.

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.
However,  cheap energy from coal has not had the same effect of keeping prices down.
“Renewable energy subsidies have been mostly sold to the public on the basis of the economic benefits,” said Peter Atherton, an energy analyst with Liberum Capital. “But the economic arguments hinged on the idea that fossil fuel prices would get more expensive, while expensive renewable subsidies would be able to come down over time. That’s looking doubtful now.”
Although the Independent says: "the consequences for ...... the climate could be even more radical," it has been shown that, for this century atmospheric CO2 has risen by almost 30%, there has been a slight fall in global temperature. 


  1. The Saudi ploy is against renewables, not the Shale oil industry. Think about it


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