Deepwater drilling rigs are sitting idle. Fracking plans are being scaled back. Enormous new projects to squeeze oil out of the tar sands of Canada are being shelved. Maybe low oil prices arent so bad for the environment after all. The global price of oil has plummeted 31 percent in just five months, a steep and surprising drop after a four-year period of prices near or above $100 a barrel. Not long ago a drop of that magnitude would have hit the environmental community like a gut-punch. The lower the price of fossil fuels, the argument went, the less incentive there would be to develop and use cleaner alternatives like batteries or advanced biofuels. independent.mt/articles/2014-11-15/world-news/Global-price-of-oil-plummets-31-percent-in-just-five-months-will-it-go-down-further-6736125723
Posted on: Sun, 16 Nov 2014 02:02:06 +0000
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