If oil gets to $10 or less per barrel, there will be no use for biofuel, solar,wind or nuclear energy. It will be too expensive to keep them afloat even with taxpayer subsidies.
Oil is not uses to make electricity, so these things are not related. What is related is the price of coal an ng both are in competition with "renewables".
Doesn't matter to the globull warming / climate change idiots. If it saves just one tree...
Think about it, the market, the traders expect the oil and gas industry to balance supply and demand on the head of a pin. The world consumes about 96 to 98 mmbo/d now. The market expects the dead band of control to be within less than 1% of scale. If we are 1% of consumption over in production there is a glut and the prices crash. Less than 1% under the mark and there is a dire shortage and prices spike.
The turn around time for projects to change the balance is about 5 years. Shale could swing faster but not without a massive effort. Any way you slice it, increasing production is a slow slog.
You don’t keep your house temperature within 1% of the thermostat setting. If you try to do that you’ll short cycle the unit and possibly burn the house down.
I have marveled for 40 years that the industry has given control to their fate and reputation to a bunch of racket ball playing, snot nosed traders that never saw a drilling rig. NYMEX should have been killed when it was an ovum.