Do Lower Oil Prices Require a Change in Strategy?

Lower Oil Prices
With global oil prices at a five-year low this winter, there is a lot of discussion these days about what that may mean for the economy as a whole and the use of alternate energy sources like solar.

The simple fact of the matter is that all of the arguments for using alternate energy sources still hold true even with these extremely low oil prices. Why? Because oil prices will ultimately rise again.

With OPEC countries and other major oil producers adjusting production rates to benefit their needs, the consumer has little control over their energy costs. The investments made in solar technology and other alternate energy sources still make long-term economic sense.
And the source for these predictions? The American Petroleum Institute (API). In its latest report, State of American Energy, API notes the essential role solar, wind, nuclear, hydropower, geothermal and biomass will play in meeting America’s future energy needs. API even took the unusual step of working with other energy lobby groups to produce chapters in the report not related to oil and gas.

“We see it as a clear recognition by the oil and gas industry that solar is now a mainstream energy source and an important part of America’s energy future,” said Ken Johnson, vice president of communications for the Solar Energy Industries Association.

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