Oil prices are poised to crash to just $10 per barrel over the next six to eight years as alternative energy fuels continue to attract more and more investors, Chris Watling, chief executive of Longview Economics, told CNBC on Friday. Here is a direct video link.
And then there is the below little graphic to offer some perspective as to the relative size of the known power resources on the planet and compared with global demand.
The cost savings in feeding electrical grids via solar-fuel and battery storage versus fossil fuels is mind-boggling and life changing for the world and its present political and economic order. Who is preparing for the inevitable and ongoing transition underway?
“If you wanted to power the entire U.S. with solar panels, it would take a fairly small corner of Nevada or Texas or Utah; you only need about 100 miles by 100 miles of solar panels to power the entire United States,” Musk said. “The batteries you need to store the energy, to make sure you have 24/7 power, is 1 mile by 1 mile. One square-mile. That’s it.”