MIT Technology Review
In 2015 a series of events combined to drive what may well to be profound shifts—even turning points—in the history of the energy sector.
The ongoing decline in oil prices, which began as early as 2012, accelerated noticeably in 2015. The benchmark West Texas Intermediate oil price fell to $34.53 a barrel on December 18, lower than it’s been since before the financial crash of 2008, with no floor in sight. Goldman Sachs has predicted that oil could fall as low as $20 a barrel, a development that would cripple most oil-producing economies and have geopolitical ripple effects for years to come. At the same time, the price of natural gas remains near historic lows. Cheap oil and natural gas are conventionally thought to be negative influences on the adoption of renewable energy, lessening the incentives of businesses and consumers to give up fossil fuels. But that doesn’t seem to have slowed the shift away from fossil fuels in 2015.