Why are the oil producing countries not looking towards renewable energy?
The last couple of years have seen the price of oil fluctuate alarmingly and many of the oil producing countries around the world have seen their income streams increased substantially. However, now the price of oil is back around the $40 a barrel level there is concern that the oil-producing countries of the world are still showing no interest in renewable energy despite the hundreds of billions of dollars they have to hand.
Despite a number of doomsday scenario predictions for the oil industry it would seem there is still sufficient "black gold" for the foreseeable future although this will not last forever. It is rather surprisingly that these oil-producing countries have not been tempted to corner the market in renewable energy in order to try and put themselves in a position to take advantage as and when oil reaches levels which will see people look elsewhere for energy.
Alternatively we see countries such as the United Arab Emirates investing substantially into property and business markets in order to try and attract substantial interest from overseas parties. Whether this will in turn stimulate a move toward renewable energy remains to be seen but much of the headlines in this industry seem to be attention grabbing and little else.
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