The lowest (relative) gas and oil prices ever made the number four spot on Common Current’s “Top Ten 2008 Sustainability Stories.†In 2008 the prices at the pump jumped to the highest on record, and then during the past month dipped to below $2 a gallon. Even with the low prices the global demand for oil has decreased due to the economy. According to a December 15 New York Times piece, oil, and gas projects have been either canceled or suspended recently. If prices stay low, invest in alternative fuels could decrease.
The lowest (relative) gas and oil prices ever made the number four spot on Common Current’s “Top Ten 2008 Sustainability Stories.†In 2008 the prices at the pump jumped to the highest on record, and then during the past month dipped to below $2 a gallon. Even with the low prices the global demand for oil has decreased due to the economy.
According to a December 15Â New York Times piece, oil, and gas projects have been either canceled or suspended recently. If prices stay low, invest in alternative fuels could decrease.
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A July report from the United States International Trade Commission on industrial biotechnology (IB) revealed that the bio-fuel industry “expanded significantly†from 2004 to 2007. The report cited “government incentives and mandates†as being significant to the growth of the bio-fuel industry. One of the biggest impediments to the bio-fuel industry, according to the report, is the “inability to attract sufficient investment.†Not being able to attract investment has caused some firms to not pursue bio-fuel projects.
Government programs are very important to the bio-fuel industry. The bio-fuel industry ranked tax incentives and mandatory use regulations as the most important government policies.
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