The technology is improving so fast - helped by the US military - that it has achieved a virtous circle. Michael Parker and Flora Chang, at Sanford Bernstein, say we entering a new order of global energy deflation that must ineluctably erode the viability of oil, gas and the fossil fuel nexus over time. In the 1980s solar development was stopped in its tracks by the slump in oil prices. By now it has surely crossed the threshold irreversibly. For the world it portends a once-in-a-century upset of the geostrategic order. Sheikh Ahmed-Zaki Yamani, the veteran Saudi oil minister, saw the writing on the wall long ago. Thirty years from now there will be a huge amount of oil - and no buyers. Oil will be left in the ground. The Stone Age came to an end, not because we had a lack of stones, and the oil age will come to an end not because we have a lack of oil, he told The Telegraph in 2000. Wise old owl. telegraph.co.uk/finance/comment/ambroseevans_pritchard/10755598/Global-solar-dominance-in-sight-as-science-trumps-fossil-fuels.html?fb
Posted on: Sat, 19 Apr 2014 06:49:50 +0000
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