Negative oil prices expose flawed market compared to renewables

The oil crisis the world finds itself in will cause unavoidable hardship and recession in key parts of the world, and the tenuous accommodation between the US, Saudi Arabia, Russia and Mexico may not hold, and an even more significant crisis could cause long term damage to the US as the world’s most prosperous nation. Don’t expect anything related to oil to be the same ever gain, and certainly not before 2022. A few weeks ago, Rethink Energy reported on the early signs of oil prices shifting into the negative, and with production cuts falling short of addressing the plummeting demand for oil through Covid-19 and reversing the fall in prices, this week has seen the first time in history…