Price of Oil Driving Coal DemandBy admin Category: News
With the price of oil hovering around the US $100 per barrel mark, using coal for large scale energy production is appearing to be an ever more attractive proposition for industry and investors alike. In addition to this, emerging industrial nations are hungry for the fossil fuel.
The International Energy Agency, a French energy advisory group stated that of all the fossil fuels “coal is set to grow most rapidly, driven largely by power-sector demand in China and India.”
Coal currently accounts for approximately 50% of all electric power generated in the United States, but it is seen as a major polluter and a large contributor towards producing Greenhouse gas emissions. It is a major challenge to balance the economic concerns of providing cheap electricity, with providing clean electricity at a greater cost. Either way, it is likely that the future will bring further carbon emission regulations from the large Western nations and that additional pressures will be levied on the emerging nations such as China and India to follow suit.