Why Oil Is Plummeting By KARL RUSSELL UPDATED January 22, 2016, New York Times A glut of crude oil on the markets is pushing the price of oil down to levels.

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Presentation transcript:

Why Oil Is Plummeting By KARL RUSSELL UPDATED January 22, 2016, New York Times A glut of crude oil on the markets is pushing the price of oil down to levels not seen since the global financial crisis. The Price Pressures At prices around $30 a barrel, crude is down more than 70 percent in the last 18 months. Over the years, the price tends to fluctuate in response to geopolitical and economic turmoil. Worries about China’s health is weighing on oil. Background: Why is Oil so Cheap? Does this threaten the incentive to invest in clean energy?

Renewable energy demand rises to record 2.7% of global consumption Source: Market Watch, Claudia Assis, June 16, 2014, 2:52 PM E T, record-2-7-of-global-consumption/ record-2-7-of-global-consumption/

“6 New Charts that Show U.S. Renewable Energy Progress, by Pete Danko on February 05, 2015,

In What renewable energy sectors has Growth been Strong in the U.S. over the last 15 Years?

“6 New Charts that Show U.S. Renewable Energy Progress, by Pete Danko on February 05, 2015, Wind

“ 6 New Charts that Show U.S. Renewable Energy Progress, by Pete Danko on February 05, 2015, Solar

According to a recent article in Forbes, falling oil and gas prices have not dampened the demand for renewable energy sources. According to the article: “While it’s true that stocks for some of the more trusted, clean energy investments are being dragged down by dipping oil prices, it doesn’t mean demand for clean energy is also suffering. In fact, as oil prices have tumbled, demand for energy efficiency and renewable energy only keeps growing”. ( Forbes, Why Falling Oil Prices Don't Hurt Demand For Renewable Energy, Jan 5, 2015, for-renewable-energy/#3e1e82ff3f5a) for-renewable-energy/#3e1e82ff3f5a When this article was written just over one year ago, the global price of oil was at $60 per barrel. Today, it is at $30 per barrel.