Science
In reply to the discussion: Have We Already Won the Renewables Revolution? [View all]Victor_c3
(3,557 posts)Big oil has realized it is on a he losing side and is doing everything it can to slow growth.
As oil prices rise more and more renewable energy options become economically viable. When a piece of renewable infrastructure is built, it doesn't matter what the price of crude is - it is already in place and reducing the demand for oil.
All the oil companies can do is flood the market and keep oils prices low so that renewable energy growth can be slowed. I believe this is exactly why OPEC is turning out as much volume as it has recently. As we need their oil less and less, oil rich nations will lose a portion of their influence and relevance in international matters. Many of the regimes in the Middle East are held up by their ability to secure protection from the US.
What do you thing would happen to the Saudi ruling family if their oil wasn't needed anymore?