The increasing price of oil is having a positive impact on the environment, and it looks like this trend will continue. Energy analysts are saying that the sheer economic cost of oil is forcing people to look into alternative energy sources. Yeah!
Record U.S. crude oil futures near $124 a barrel have reached a “break point” that will spur a shift away from an oil-centric transportation sector toward alternatives, energy analyst Daniel Yergin said on Wednesday.
Yergin, chairman of Cambridge Energy Research Associates, told Reuters that U.S. crude oil prices — which hit a record $123.93 a barrel on Wednesday — will hasten the adoption of cellulosic biofuels made from switchgrass and woodchips, as well as battery-powered cars and fuels derived from coal.
Yergin countered the notion that global demand for gasoline, jet fuel and other transportation fuels is chiseled in stone because drivers have few current alternatives.