At this time it seems like the credit crisis is much more important than the energy crisis in America. But with the economy slowly turning around, energy consumption will increase and oil prices will once again begin a steep climb as more and more people will be driving and using electricity at home as things improve.
In fact, the annual World Energy Outlook predicts that by 2030 oil prices will stabilize at around $125 a barrel. Part of the reason for the increase will also be because of rising costs for equipment that the oil producers will face.
Even though the top oil companies are still extremely profitable, it is becoming clear that their control over energy is slowly decreasing. Huge new oil fields in Russia and Saudi Arabia were recently brought into the mix and these oil-rich governments have begun tipping the scale in their favor away from old fashioned big oil. Many oil contracts are currently being renegotiated as well with the major oil companies so these countries can keep more of the profits. There is literally trillions of dollars needed to develop new oil fields and keep oil flowing throughout the world. Yet with resources shifting into government hands, I doubt that these countries will reinvest this money into discovering new fields.
Many of the major players including Chevron are banking on developing alternative energy sources and are investing heavily into this idea. It is predicted that that only 3% of the worlds emissions will come from the U.S. or Europe by 2030. The remaining carbon emissions will be mainly from the Middle East and China who will use roughly half of the planets energy. Greenhouse gas will also continue to rise until global habits change which could be another 15 years and by that time the current financial crisis will be a thing of the past.
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