Is oil on the decline? The world doesn't seem to have a shortage of it with more reserves being discovered, it seems this could be the change in how we use energy.
An article by Business Insider shows that oil could drop as low as $30 a barrel and stay that way for some time.
We finally have electric cars which could shift our dependency on oil. We are definitely seeing better renewable energy resources coming from solar cells which have improved in efficiency and reduced in costs. We have numerous ways of harnessing energy from hydro and the oceans. We are just starting to see the movement from nonrenewable to renewable energy sources. Nuclear is on the decline especially after the meltdown at Fukushima Daiichi in Japan, coal only has the support of Donald Trump while he still has power, oil is the big one that powers our automobiles. We just might start to see more electric cars, busses, trucks and boats.
Tesla Solar Roof
The Tesla solar roof looks like it could be a big game changer. The roofs on houses are primarily used to protect the house from weather but rather than installing a solar panel on top of the roof making things a bit more complicated, the panels are the solar cells and can charge up your house battery, something that Telsa would like to see in every home. This will give power to your house and pretty much help ensure that charging your solar powered car won't be much of a problem.
Canada suffers from low oil prices
Canada was considered a major exporter of oil but when oil prices dropped last year, it made the Alberta oil sands go from profit to losses. That is the cost of producing the oil is very expensive and also not environmentally friendly either. When oil sells for this rate, it costs too much to produce and Canada is one of the countries that suffer from low oil prices. This is probably what kept Canada shielded from the 2008 crisis and certainly helped to fuel Toronto's growth. Toronto appears to be headed for a housing bubble and low oil prices probably won't help.
Oil might have been a safe investment for the past 50 years with oil companies always producing record profits but it seems there is more risk in oil than before. As long as renewable energy gets more popular and improves in technology and availability, it has the potential to make the developed nations less dependent on oil.