Cheap oil may well turn out to be our undoing. The quest for, and development of renewable energy will move to the back burner, the economics no match for oil at sixty dollars a barrel and under.
The quixotic architect of the current dilemma is arguably President Obama, who simultaneously urges drilling for oil in order to gain energy independence, yet promotes policies to avert climate change. The two policies are at odds with each other. The Saudi’s reduction of the price of oil as a counter measure has thrown a giant wrench in the machinery of energy production.
The world will now gorge itself on cheap oil, at a rate never before experienced, as a result of modernization of many countries and population growth. It will hasten the day of reckoning, which may also be when climate change has reached the point of irreversIbility.
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