When the gas prices started coming down one of the first things that worried me was the thought that this may scale back the efforts to produce more clean and alternative energy. Recently the media is not writing about clean and alternative energy very much, instead we cover more about the downward movement of the economy and the gas prices.
Today's NY Times also raises the issue of how declining gas prices and economic slump may limit moves on producing clean energy from renewable and alternative sources.
Just as the world seemed poised to combat global warming more aggressively, the worldwide economic slump and plunging prices of coal and oil are upending plans to wean businesses and consumers from fossil fuel.
From Italy to China, the threat to jobs, profits and government tax revenues posed by the financial crisis has cast doubt on commitments to cap emissions or phase out polluting factories.
Automakers, especially Detroit’s Big Three, face collapsing sales, threatening their plans to invest heavily in more fuel-efficient cars. And with gas prices now around $2 a gallon in the United States, strapped consumers may be less inclined than they once were to trade in their gas-guzzling models in any case.
While the declining gas prices are an opportunity for the developing countries such as China and India to reinvest in new and alternative energy sources such benefits may be more apparent to environmentalists than to factory owners and finance ministers trying to meet budgets and make profits. The story says "The European Union estimates that it will cost Italian industry 13 billion euros, about $16.7 billion, to reduce emissions. Italy puts the cost up to 27 billion euros, which is says it can’t afford."
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