The Insightful Troll

Rants and ruminations.

Oil Companies Collapse, Clean Energy Thrives

Ivan Penn in the New York Times writes:

A few years ago, the kind of double-digit drop in oil and gas prices the world is experiencing now because of the coronavirus pandemic might have increased the use of fossil fuels and hurt renewable energy sources like wind and solar farms.

That is not happening.

In fact, renewable energy sources are set to account for nearly 21 percent of the electricity the United States uses for the first time this year, up from about 18 percent last year and 10 percent in 2010, according to one forecast published last week. And while work on some solar and wind projects has been delayed by the outbreak, industry executives and analysts expect the renewable business to continue growing in 2020 and next year even as oil, gas and coal companies struggle financially or seek bankruptcy protection.

While oil and coal will be around for some time to come, they will continue to be a shrinking industry. The switch to clean energy bring be more jobs, cleaner environment, less medical issues, and energy independence. This is even more reason for the US to support clean energy initiatives.