Oil Prices Break the US$50 a Barrel Mark

For the first time in history, oil prices topped the US$50 dollar per barrel mark. Adjusted for inflation, this isn’t quite as high as the oil shock of the seventies, but it’s the highest nominal price point for oil so far.

September 28, 2004 [SolarAccess.com] Jim Gordon, developer of the Cape Wind, wind farm proposal off the coast of Massachusetts, saw this as an opportunity to highlight the importance of shifting toward renewable energy. “Just the price of the foreign oil alone, without factoring in the devastating effects on our health and environment from burning fossil fuels, should be enough to convince policy makers, public officials and everyday citizens that we need to stop the decades-old rhetoric and act now to reduce our reliance on foreign oil,” Gordon said. The proposed 420 MW Cape Wind project, harnessing the winds on Horseshoe Shoal, will generate as much energy in a year as an oil power plant would by burning 113 million gallons of oil, according to Gordon. Every bit of that energy doesn’t need to be imported from the Middle East. The Cape Wind proposal is currently undergoing regulatory permitting through a lengthy research and approval process. A comprehensive environmental impact statement is expected this fall.


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