Energy

Oil Can’t Match Solar On Cost, Even At $10/Barrel

March 9, 2015

One of the biggest banks in the Middle East and the oil-rich Gulf countries says that fossil fuels can no longer compete with solar technologies on price, and says the vast bulk of the $US48 trillion needed to meet global power demand over the next two decades will come from renewables. The report from the National Bank of Abu Dhabi says that while oil and gas has underpinned almost all energy investments until now, future investment will be almost entirely in renewable energy sources. The report is important because the Gulf region, the Middle East and north Africa will need to add another 170GW of electricity in the next decade, and the major financiers recognise that the cheapest and most effective way to go is through solar and wind. It also highlights how even the biggest financial institutions in the Gulf are thinking about how to deploy their capital in the future. “Cost is no longer a reason not to proceed with renewables,” the 80-page NBAD report says.It says the most recent solar tender showed that even at $10/barrel for oil, and $5/mmbtu for gas, solar is still a cheaper option. The bank says intermittency of wind and solar is not

What is Big Oil Up To?

March 2, 2015

How can oil prices continue to plummet whilst “The largest U.S. refinery strike in 35 years entered its fourth week on Sunday as workers at 12 refineries accounting for one-fifth of national production capacity were walking picket lines.” This is no isolated phenomenon; the UK oil industry is witnessing a one round burst of 1,500 jobs being slashed. 15,000 more jobs are predicted to be cut, these are by no means small numbers. That is exactly what those numbers are meant to deploy: panic, fear and pressure. Pressure on whom, that is the question. But should we be as outraged as these oil companies are? Since when has big oil cared about job cuts? Since when have the unions and oil been in unison, or them being represented as such? Why would Shell offer striking US workers 2% annual pay rises in such a troublesome time? This brings us to the oil crisis of 1973-4, when the Arab countries enacted an “oil embargo” to pressure the US and its allies to press for a resolution to the Zionist-Palestinian conflict. What did the US government, the Nixon administration and the oil companies instead press to do? Certainly what they did is not what Brown
1 2
Facebook Auto Publish Powered By : XYZScripts.com