Peak oil – a thing of the past -or rather the future ?

The price of a barrel of oil has nearly halved in recent weeks. OPEC refuse to cut production – the argument to make USA shale un economic – removing the competition  – but also perhaps having a massive impact on Russia – whose economy significantly relies on the hydro-carbon industry.

It will no doubt be spring (perhaps just before the general election)  before we any large reduction in our home energy cost prices – as suppliers will no doubt say they have had to forward buy to cover the peak winter period. A freezing in price now looks a nonsense – as for the foreseeable future the price  direction is down.

The one sure looser is the environment . The incentive for investing in cleaner and sustainable  renewable energy diminishes.
What price our planet ?

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