The new 'oil shock' is one of plummeting oil prices and its effect on alternative technologies and energy. Combined with the credit crisis, the fallout in some green technologies is shown by difficulties in attracting capital and customers.
"One type of oil shock has given way to another. Even more swiftly than the price of oil rose, it has tumbled to the range that seemed far-fetched when Reinert spoke and oil was more than $130 a barrel. Now that drop threatens a wide variety of game-changing plans to find alternatives to oil or ways to drastically reduce U.S. consumption."
"The credit crisis is compounding that threat by making it more difficult to finance capital-intensive projects."
"The uncertain future of electric cars points to a sticky aspect of the global oil equation. The price of oil can change rapidly, but responses that would cut petroleum use take time."
From NYT: "Momentum Slows for Alternative Energy":
"Alternative energies like wind and solar are facing big new challenges because of the credit freeze and the plunge in oil and natural gas prices.
Shares of alternative energy companies have fallen even more sharply than the rest of the stock market. Advocates are concerned that if the prices for oil and gas keep falling, the incentive for utilities and consumers to buy expensive renewable energy will shrink."
Thanks to Mark Boshnack
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