Arab Spring reignites renewable energy debate

[Bill USA]

http://www.internationalbusinessreport.com/press-room/2011/renewables.asp


9 September 2011

Following the unrest in the Middle East and North Africa, and its impact on oil prices, 44% of businesses would now support increased government investment in renewable/alternative energy according to the latest research from Grant Thornton's International Business Report (IBR).

As the intensity of the Arab Spring* has risen, so has the price of oil: Brent Crude climbed to US$125 a barrel in April, up from US$85 a barrel at the start of the year, and remains above US$110 a barrel today. Disagreement amongst OPEC nations on increasing supply persuaded the International Energy Agency to release more than 60 million barrels from emergency stocks, but this research suggests that businesses are keen to explore more sustainable sources of energy.

Indeed, many businesses would be willing to endure the short-term pain such investment might create: 51% of respondents said they would accept higher energy costs in the short-term in order to reduce their economy's reliance on oil and have more stable prices in the longer-term. However, whilst this stance was supported by 60% of businesses in North America and 53% in the G7, just 35% of those in the BRIC economies agreed.
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[JohnWxy]

1. I wonder if it has sunk in up in DC that our energy security will likely be reduced by these events.

we don't have 20-30 years to reduce our gasoline consumption maybe 10% to 15% (using electrics).


good post!