Tuesday, 09 November 2010 12:14
Oil Prices Expected to Nearly Double in 25 YearsWritten by Harrison Walford
Oil prices are expected to nearly double in 25 years, coinciding with growth in the economies of India and China and world energy demand. The World Energy Outlook forecast by the International Energy Agency expects energy demand to rise by over a third by 2035. It is already assumed that the main sources of energy to meet this demand will be from fossil fuels such as coal, oil, and natural gas. However it will become more difficult for producers of oil to increase supply as crude oil becomes more difficult to explore and extract. And as the law of supply and demand dictates, the price of oil is expected to nearly double in the next 25 years from $60 a barrel to over $113. Fossil fuels are as we know non-renewable resources. However we it have in our power to begin making the switch to clean power. Wind, solar, geothermal, tidal and biomass can help establish a sustainable and viable economy for the 21st century. There have been some big strides made in reducing the amount of greenhouse gases that coincide with energy production. More needs to be done. That is why Carbonfund.org is directing efforts to validated projects that help mitigate the impact of global warming. Here at Carbonfund.org we encourage people to reduce what carbon emissions they can and offset what they can’t. You can also check out solar energy for your home by partners such as Astrum Solar.
Published in carbonfree blog