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Friday, October 21, 2016

The US President explained why oil should rise in price

The price of oil will not always be as cheap as now. With such statement US President Barack Obama spoke at the summit, the leaders of North America in Ottawa.

photo: Alexander Astafyev

Barack Obama said that oil production becomes more costly process, so the price of “black gold” sooner or later have to go up.

“Now oil is cheap, but it is more expensive. And will become increasingly expensive because it is a limited resource and its extraction will become more costly process”, — quotes the words of the American leader National Observer.

In this regard, Obama urged to implement environmentally friendly sources of energy. We are talking about projects in the field of solar, wind and geothermal energy.

At the summit in Ottawa, the US, Canada and Mexico agreed to, by 2025, half of all energy from renewable sources. Now in these countries the share of alternative sources is 37% of the total energy mix.

In the two years prices on the oil market collapsed several times — from $ 115 in the summer of 2014 to $ 30 in early 2016. By the end of may the situation was corrected, “black gold is trading around $ 50 per barrel. On the eve of the US Department of energy predicted that by 2017, the oil price will rise to $ 60 per barrel.

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