What does that do in the meantime? Drive oil prices up and put a "new value" on cheap commodities like wind, solar and corn.
“”Drive oil prices up and put a “new value” on cheap commodities like wind, solar and corn.””
One of the problems that the new renewables industries are beginning to face is that high oil prices are limiting how fast they can implement renewables. the reality is that is takes a lot of oil to mine the ores and transport them to factories that build the “renewable” sources of energy. As the price of oil has skyrockets (from ~$20 per barrel in 1999 to ~$90 per barrel today) the cost to build windfarms, build solar facilities and grow the biofuels has also skyrocketted.
They need to realize that cheap oil makes it a lot easier to build their renewable energy infrastructure but...unfortunately, they have the cart before the horse.