The Running Commentary

Will the oil price finally drive some change in emissions?

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I was reading an article of News 24 (some extract below) and if I understand the predictions from the Russian’s then $250 dollars a barrel in on the cards. Maybe just maybe this threat could drive some change in the consumption patterns and maybe this could lead to an acceleration in the drive towards more ecologically friendly and renewable energy resources.

Benchmark prices of oil in New York and London set new record highs around 146 dollars a barrel on Thursday and the head of Russian energy giant Gazprom forecast they would “very soon” rise to 250 dollars.

Since the beginning of this week, as an estimated 3,000 delegates gathered here, prices have hit almost daily new records, with comments by Iran’s oil minister that the country would react “fiercely” to an attack stoking tension.

In one of the final speeches, Nuaimi defended the industry against attacks from “politically popular” environmentalists, saying alternative energy sources could never replace carbon-based fuels.

“The fact is carbon-based fossil fuels still are the cheapest, most efficient and most reliable energy sources for our mobile society,” Ali al-Nuaimi said.

At $250 dollars a barrel I am sure that this fossil fuel will quickly price itself out of the market – or rather lets hope so!


Mike • July 4, 2008

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