From: The Guardian
COMMENT - And this is one of the reasons we need to ensure Big Oil bleeds accountability; to raise their costs and the price of oil so they can be purged from the market entirely. Told you so!
International Monetary Fund suggests prolonged period of low oil, coal and gas prices could discourage further adoption of cleaner energy sources
|Oil prices have fallen by more than 60% in the past 18 months. Photograph: Karen Bleier/AFP/Getty|
The International Monetary Fund has issued a warning before a meeting of the Opec oil cartel that permanently low fossil fuels are choking off investment in renewable sources of energy and hindering the fight against climate change.
Oil prices rallied slightly amid reports – later denied – that Saudi Arabia plans to announce a 1m barrels a day production cut at the talks in Vienna on Friday. The price of Brent crude was up more than 2% at just under $43.50 in early trading on Thursday.
But an assesment of the energy market from the IMF, co-authored by its chief economist Maurice Obstfeld, said a global carbon price was needed to reflect the true cost of burning fossil fuels and to provide resources for investment in green technologies. MORE