World had been complaining of rising oil prices till very recently. But now last one month has seen fall of oil prices to less than USD 60/bl. While oil was rising it was creating a fear that rising oil would cause turmoil on world economies due to soaring import bills and inflation; we started looking at alternative energy sources like
- exploration in Alaska, deep sea, Antarctica etc.,
- harnessing of solar energy, wind energy, ocean energy etc.,
- biodiesel from various sources like corn, waste vegetable oils, algae, jeopatra etc.,
- waste fuels available like waste wood, agro waste, dried sewarage waste, paper waste etc.
- plastic to fuel technology, sludge to oil technology etc.
All this is / was being pursued with only thing in mind that oil would keep soaring (albeit this goes against laws of ecomics; rising costs always tend to diminish the demand which in turn force the prices down). Most of the technologies are unviable economically if oil trades in the range of USD 50-70/bl.
But is economics only thing which world should be looking at when it comes to energy sources? I am of the opinion that we should keep working at most viable alternative energy technologies to keep rein on the oil. It is even more important as oil price shocks can be dangerous when economies are dependent on each other to such large extends today that fall of one economy can push other also down. Let us work together to help Earth energy & environment requirements by using solar energy and looking at plastic to oil technology.