It may seem good for the consumer filling up at the pump, as average price for a gallon regular gas hovers just over $1.70, the first time prices were below $2/gallon since March of 2009. But what does it mean for the long haul when all the oil majors report precipitously declining profits in the face of plummeting oil prices?
As Richard Matthews reports in his latest article on GlobalWarmingisReal.com, it has been decades since we’ve seen this magnitude of collapsing commodity prices. Unlike previous downturns, the economic pressures on fossil fuel production may portend what Matthews calls the “End of Oil.”
Even with the world is awash in oil, declining costs of renewable energy sources and the realization among investors that climate risk is a real thing, we may be on the cusp of a new era for oil, one of decline and eventual replacement.
Read Richard’s full report here.
Image credit: Nocholas Erwin, courtesy flickr