2014 oil plunge: Causes and impacts on renewable energy

摘要: Abstract Following four years of relative stability at around $106 per barrel (bbl), oil prices have declined sharply since June 2014 and are expected to remain low for a considerable period time. There multiple factors which being considered behind the plunge in price 2014. Most observers conjectured that domestic boom United States Iraq is major cause falling prices. Some suggested shock expectations occurred after November meeting OPEC, when they did not cut production despite steady increase non-OPEC production. In this paper, first we analyzed effect various on then studied impacts non-hydro renewable energy. We compare recent decline with previous episodes up 1996. show demand supply formula cannot be implemented current plunge. The study shows so far has produced no impact energy sector. found energies, such as solar wind, increasingly becoming cost competitive fossil fuel However crash could hurt short-term outlook certain specific clean technologies bio-fuel electric vehicles do compete oil-based transportation. While long term may threaten climate policies potential act counterweight, encouraging long-term, carbon, investment.