– $31.03 per barrel – current spot crude oil price
– $59.95 per barrel – price of an empty steel oil barrel on Amazon
– $82.50 per barrel – price for 55 gallons of regular unleaded gas
– $550 per barrel (11 five gallon bottles) – price of water delivered to your home or office
The current price of oil is less than the barrel it’s shipped in…less than gasoline…and less than a plain old water delivery service. So how long will these low oil prices last? And what is the impact of low oil prices on renewable energy?
Cheap oil spurs demand for Detroit big iron, and helps families make ends meet by reducing their monthly fuel bills. But ironically, cheap oil has a dark side. Countries whose primary export is oil are facing drastic changes in their economy; banks that have invested in oil companies are losing money; and even the clean energy industry is impacted.
Gerald Appelstein — a former VP at Tauber Oil and ExxonMobil — has been through these crude oil ups and downs. He’s also familiar with energy geopolitics that often weigh more heavily than traditional economic supply and demand theory. Please Listen Up on this week’s Energy Show on Renewable Energy World as Gerry discusses the various factors contributing to low oil and gas prices, as well as what consumers can expect for oil and gas prices in the future.