Tax incentives more important than oil price and oil is not in head-on competition with renewables for electricity production, says government’s chief energy analyst
Cheap oil is not about to kill off wind, solar power and other renewable energies as some experts have claimed, the US government’s chief energy analyst said on Wednesday.
The historic drop in crude oil prices, with Brent crude trading at $49.04 a barrel in London on Wednesday, had raised fears that renewable energy sources would struggle to compete.
But Adam Sieminski, who heads the Energy Information Administration, said oil was not in head-on competition with renewables when it came to electricity generation – and that government policies would help shield the clean energy industries.
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