Low Oil Prices Allow Countries to Fix ‘Daft Energy Policies’
Energy policy-makers should seize a “once-in-a-generation opportunity to fix bad energy policies” while oil prices are low, The Economist argued in a mid-January news column.
“The plunging price of oil, coupled with advances in clean energy and conservation, offers politicians around the world the chance to rationalize energy policy,” the magazine states. “They can get rid of billions of dollars of distorting subsidies, especially for dirty fuels, whilst shifting taxes towards carbon use. A cheaper, greener, and more reliable energy future could be within reach.”
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Low oil prices may be the most obvious catalyst for change. “Less noticed, the price of cleaner forms of energy is also falling,” The Economist notes, “and new technology is allowing better management of the consumption of energy, especially electricity.” In an era when the biggest challenge is to manage an abundance of energy supply, economies have the opportunity to clear out “the detritus of daft energy policies, based on fears about supply.” (h/t to Adrian Mohareb for first pointing us to this story)