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Fall in oil price danger

The IEA (International Energy Agency) has raised concerns that the recent fall in oil prices could result in governments failing to invest in alternative forms of energy. They fear that governments will be content to continue to rely on cheap energy from fossil fuels.

 This comes at a time when across the world £346 billion is spent every year subsidising the use of fossil fuels. The IEA has called for subsidies such as these to be switched to support investment in renewable power. They have indicated that the present reliance on fossil fuels is accelerating carbon production and that this will have a major impact on climate change. As Fatih Birol ( IEA Chief Economist ) has stated,

" Today's price level may offer some comfort to consumers but it will not last very long."

There is also increasing concern being raised over the reliance on a shrinking number of oil producers across the globe. The IEA feels that continuity and security of supply could become a major concern in the future.

The IEA feels that increased investment in other forms of energy is vital if we are to guarantee power supplies for future generations. They feel that it will become essential to invest in new nuclear power stations but they add the caveat that this must include vital research into the safe disposal of nuclear waste.

The IEA has expressed delight in the performance of renewables and as Maria van der Hoeven ( the IEA's Executive Director ) has stated,

" renewables are expected to go from strength to strength, and it is incredible that we can now see a point where they become the world's number one source of electricity production"

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