Crude oil prices plunge, settle below $50 a barrel

Story dated 29 April 2005

"Oil prices fell below $50 a barrel for the first time in more than two months Friday, declining more than $5 a barrel in the past week on rising U.S. supplies and slower economic growth . . . the Energy Department said inventories of crude oil grew by 5.5 million barrels last week to 324.4 million barrels, or 9 per cent above year-ago levels -- tenth time supplies have risen in 11 weeks." Again, Apparently, supply is not the problem. Apparently it's lack of production capacity and the weak dollar that are causing high gas prices (which still aren't as high as they were in 1981 or so). This does not mean that we shouldn't look for alternative means of energy production. Petroleum combustion is still a dirty way to produce energy (though not as dirty as, say, a volcanic eruption). We need to look into Solar Energy Production Satellites (SEPS). That is an idea for clean and pretty much unlimited energy.

posted by The Sovereign Editor | 5:08 PM

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