- $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 prices, as well as what consumers can expect for oil and gas prices in the future.
About The Energy Show
As energy costs consume more and more of our hard-earned dollars, we as consumers really start to pay attention. But we don’t have to resign ourselves to $5/gallon gas prices, $200/month electric bills and $500 heating bills. There are literally hundreds of products, tricks and techniques that we can use to dramatically reduce these costs — very affordably.
The Energy Show on Renewable Energy World is a weekly 20-minute podcast that provides tips and advice to reduce your home and business energy consumption. Every week we’ll cover topics that will help cut your energy bill, explain new products and technologies in plain English, and cut through the hype so that you can make smart and cost-effective energy choices.
About Your Host
Barry Cinnamon is a long-time advocate of renewable energy and is a widely recognized solar power expert. In 2001 he founded Akeena Solar — which grew to become the largest national residential solar installer by the middle of the last decade with over 10,000 rooftop customers coast to coast. He partnered with Westinghouse to create Westinghouse Solar in 2010, and sold the company in 2012.
His pioneering work on reducing costs of rooftop solar power systems include Andalay, the first solar panel with integrated racking, grounding and wiring; the first UL listed AC solar panel; and the first fully “plug and play” AC solar panel. His current efforts are focused on reducing the soft costs for solar power systems, which cause system prices in the U.S. to be double those of Germany.
Although Barry may be known for his outspoken work in the solar industry, he has hands-on experience with a wide range of energy saving technologies. He’s been doing residential energy audits since the punch card days, developed one of the first ground-source heat pumps in the early ‘80s, and always abides by the Laws of Thermodynamics.
Lead image: Green microphone. Credit: Shutterstock.