U.S. And Europe Divided On The Future Of Oil

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Several energy revolutions have, over the centuries, changed the world: first, man learned to transform fire into kinetic energy during the Industrial Revolution with the invention of the steam engine. Second, the development of the internal combustion engine and the widespread use of refined oil after the First World War caused major societal changes. Finally, electrification has begun transforming the way we live, albeit at a slower pace than the previous two revolutions.

Recently, however, this change has been accelerated due to lower production costs for wind and solar energy and a growing urgency in the fight against climate change. Several major energy companies with roots in fossil fuels have made inroads in the utility sector in order to take advantage of new developments. Europeans are taking more radical steps in adjusting to the new situation while Americans still see oil as being the dominant energy source for a longer period of time…

Read more : OilPrice, 17.10.2018