The price of oil has tumbled to a five-year low. But how does this impact the solar power industry? First, let’s barrel in to the background behind cheaper oil. Why is oil so cheap? Australia’s plummeting oil prices have coincided (of course) with global oil prices. Between 2010 and mid-2014 world oil prices consistently sat around $110 a barrel. In recent times, however, Brent Crude and U.S. oil have fallen below $50 a barrel. There are two main factors driving the price dip – oversupply and increased competition. Oil production levels in the U.S. are the highest they’ve been in 30 years
Solar goes a long way in reducing water pollution. 72% of water pollution comes from the massive amounts of water used as cooling in gas, oil, coal and nuclear power plants. Though solar manufacturing does use water, the amount is infinitesimal in comparison.