From the plains of North Dakota to the deep waters of Brazil, dozens of major oil and gas projects have been suspended or canceled in recent weeks as companies scramble to adjust to the collapse in energy markets.
But the project delays are likely to reduce future energy supplies — and analysts believe they may set the stage for another surge in oil prices once the global economy recovers.
Much to my dismay, this is already having an impact on cleaner and greener alternatives.
Investment in alternative energy sources like biofuels that had flourished in recent years could dry up if prices stay low for the next few years, analysts said. Banks have become reluctant lenders, especially to renewable energy projects that may prove unprofitable in an era of low oil and gas prices.
This would be an ideal time for the government to take a leading role in promoting and developing green alternatives to better prepare us for the years ahead when we will, without a doubt, be facing prices similar to, or higher than, what we saw over the summer of 2008.
I am hopeful that Barack Obama will lead the way.
Speaking of biofuels, those morning coffee grounds can do more than feed your roses.
In research that touches on two of Americans’ great obsessions — coffee and cars — scientists at the University of Nevada, Reno, have made diesel fuel from used coffee grounds.
Meanwhile, the Toyota Prius plant in Mississippi, scheduled to begin production of the car in 2010, is being put on hold. Indefinitely.
A casualty of a weak economy, not to mention average gas prices back down around $1.66 nationwide.