The Keystone Pipeline is Irrelevant II
A few days ago I wrote that the Keystone pipeline was irrelevant. Oil is now at less than $44 a barrel, less than half of what the operators working in the Alberta tar sands need to show a profit. It’s also at least a third less than those who are fracking oil and gas need to show a profit. So much for North American energy independence. Banks and investors are finally recognizing that hype surrounding these plays are indeed hype and the money is drying up. A Florida utility is now buying solar generated electricity for less than that from fossil fuel plants. Solar and wind have been cheaper than coal for several years and nuclear power was never economical without massive government subsides. The only thing holding up renewable energy is the archaic power grid.