OPEC (Oil Producing & Exporting Countries), a consortium of countries in the Middle East, Asia, Africa and Venezuela that control 40% of the world's oil supply have stated, out of an act of medieval mentality and childish bickering, that if a large shift is planned out of the petroleum fuel sources by the industrial nations then they will re-evaluate their investments which could lead to a prices 'going through the roof'. A warning! A reaction. Concern and fear. But do not fear, I think they are bluffing. In any case, they are being quite stupid. China, India, the Pacific Rim and other developing companies will keep demand on the up. The alternative fuels are decades from even something like 20% of the market. And by that time the market will be much bigger. If anything, an OPEC act of retaliation will only strengthen the resolve and create more political will to prioritize a larger shift out of petroleum based fuels. OPEC should instead work with the manufacturers and innovators. Do more R & D. Work on making the fuel more potent and cheaper. Make it compete. Play the good game. A spike in the price of gas and other commodities will be very harmful to consumers and economies in the short run. However, it justifies bigger investments in the alternative fuel projects.
1 comment:
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