energy demand is outstripping the supply
Domestic energy prices are at an all-time high, and yet the economy isn’t recovering the same pace as it should be. The reason for this is simple: energy demand is outstripping the supply. In fact, there has never been a better time to start making the transition to greener energy – more markets, more incentives, faster investments – and we’ve started down the right track. But if you’re not one of the people that’s been able to take advantage of the opportunities presented by the greening economy, now might be a good time to start. Let’s discuss some of the reasons why the domestic energy market pricing of energy alternatives is always going to be more favorable to consumers than the prices paid by the energy companies.
Your impact on the environment: Like it or not, we’re all responsible for our world. We pollute it, use resources that damage it, and create or dispose of waste in it. The more that we rely on fossil fuels, on petroleum derivatives, on nuclear power, and other high-carbon energy sources, the more pollution and waste our world becomes. The more we convert to clean, renewable energy sources, the less we contribute to pollution, waste, and environmental degradation.
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Your credit rating: Did you know that your credit rating can have an impact on your finances in more ways than you think? Many major credit card and utility companies now run reports on your credit history each year, rating your energy consumption and financial health as a way of predicting your ability to pay bills on time and for as long as possible. Banks use this information to decide whether or not to lend you money. And when it comes to buying fuel for your vehicle, a low credit score can make buying fuel almost impossible. If you’re currently paying for high-priced energy consumption, look at how you could save: consider appliance or lighting upgrades, adding an extra room to your home, or starting your own renewable energy company.
Your level of dependence: There is little doubt that the electricity sector will continue to grow, creating a greater need for domestic energy. While most of the growth will come from higher energy consumption, the growth will also raise costs for the overall economy. For this reason, the United States will remain a world leader in the deployment of alternative energy resources and technologies. But how does the U.S. compare to other countries with similar energy needs, like Canada and Germany, which are moving closer to relying on natural gas as their primary fuel source, rather than petroleum? The following chart compares the energy consumption and prices between the United States and other developed countries:
When you compare the cost of crude oil and other petroleum derivatives against the price per barrel of oil produced by the United States, the U.S. clearly trails behind many other developed countries. In particular, Canada’s economy benefits much from the use of its natural resources, while Germany’s relies heavily on petroleum products. For the most part, the price gap between the two fuels is narrowing, but the price per barrel of petroleum remains very high. At the same time, Europe’s dependence on Russia for energy has created a problem, with European countries importing large quantities of oil, which can increase their own fuel costs. For these reasons, Europe is starting to look at ways to reduce its dependence on Russian supplies.
Technological improvements: Even as petroleum prices continue to be high, the United States has made important strides toward reducing its dependence on oil and other fossil fuels. New technologies are making it easier and cheaper to convert the country’s energy sources over to cleaner and more efficient sources of energy, like solar and wind power. Some of these technologies already account for a small percentage of electricity generation. As a result, even if new technologies are not developed to supply most of the country’s energy needs, the trends described here are making it easier to transition the country away from oil and onto clean and efficient energy sources.