- Feb 24, 2011
UK climate secretary: renewable energy pays off when oil exceeds $100 barrel
If we relied on oil and gas, and the price stayed relatively low at $80 a barrel then consumers will pay more under our policies – about an extra 1% on their bills by 2020.
We know that accurately predicting future oil prices is next to impossible, but with price up to $95 right now, doesn't investing in alternative seem like the smart bet?At the oil price reached this month – $100 a barrel or more – consumers will pay less through the low carbon energy policies than they would pay for fossil fuel policies.
And if the U.S. administration is right, and the price is $108 a barrel in 2020, then our consumers are winning hands down.
[Source: Guardian.co.uk | Image: David Spender – C.C. License 2.0]