31 May '16, 1pm

It's Time to Break Saudi's Oil Monopoly and Embrace Clean Transportation

It's Time to Break Saudi's Oil Monopoly and Embrace Clean Transportation

These kinds of policy support for a more rapid transition to cleaner, non-petroleum based transportation choices matter—a lot. Indeed, even if clean transportation vehicles have higher sticker prices than diesel or gasoline engines, their positive impact on future oil prices makes them a very good deal for oil importers like the EU, the U.S., India and China. A recent study by Cambridge Econometrics, Oil Market Futures, concluded that investing in clean transportation could help head off the next oil price spike. It also found that without such leadership, oil prices could easily reach $130 by 2050, even though most of the U.S. shale reserves would become profitable again once prices reach $80. Importantly, it estimated public policies to encourage reduced reliance on oil could save $33 trillion in transportation spending over the decade from 2020-2030.

Full article: http://ecowatch.com/2016/05/31/saudi-oil-monopoly/

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