There's an interesting mix of news on fossil fuel prices from around the world. Right now the futures price of crude oil is dropping. There is even some speculation it could halve if demand for gasoline continues to drop. Of course, it's the current high level of gasoline prices that's causing the lower demand in the U.S. If prices do halve or even drop significantly, then demand would likely grow again.
In Europe one nation is taking action to reduce demand, and the move is not popular there. The Spanish government is reducing the speed limit to reduce oil imports. The country is running a high trade deficit largely due to energy imports.
Further north the natural gas consumers inthe U.K. are feeling the pain. A major retailer there just announced price increases of up to 35% for natural gas. With wholesale electricity prices up over 70% in one year, Britain faces higher prices there as well.
An American-based airline is trying to offset fuel prices with higher baggage fees. Some economic observers have predicted continued high fuel prices will turn airline travel into a luxury once again, as it was back in 1950. De-fossilization?
In Japan today thousands are attending a major solar power show. And the show itself is entirely powered by electricity from photovoltaics. But that's no help to Delta passengers, Spanish drivers or British folks facing a long winter. At least, not yet.