energy

Are falling oil prices good for the economy?

Are falling oil prices good for the economy?

In recent months, we have seen a dramatic drop in oil prices. For many consumers and business, this fall in the price of oil will be welcome reduction in the cost of living and a reduction in the cost of business. However, is such a steep fall in oil prices good for the economy?Benefits of falling oil prices In normal economic circumstances, a fall in the oil price can help the economy.Lower oil prices reduce the cost of…

Difficulty in switching from fossil fuels and oil

Question and answers on the difficulty of switching from non-renewable energy sources, such as fossil fuels. (from – finding alternatives to fossil fuels) Readers Question: Why is it that on a global scale, alternative fuels are somewhat being ignored?   Firstly, fossil fuels are still cheaper. However, the gap is narrowing. For example, see how solar panels are coming down in costs. There…