As many of you have noticed, I’m sure, gas prices have plummeted, much to consumer relief. A recent New York Times article, “Oil Price Falls Below $50 on Weak Consumption,” highlights the steep decline in oil prices to, at one point, $49.91 per barrel (as compared to $145 per barrel in July). Interestingly, some within the PH/EV sector have feared the drop in oil prices, and thereby the drop in gas prices, will lead consumers to feel less urgency toward developing alternative fuels and vehicles.
Yet, I would argue, that as consumers we recognize that foreign oil prices have real and lasting effects on our economy—and this is not our first lesson. The oil/energy crisis of the 1970s raised interest in renewable energy and encouraged research in solar and wind. Unfortunately, as the embargo lifted and prices decreased, consumer interest in alternative fuels declined and moderation waned. We were the America of the 1980s and 90s—driving excessive automobile with our excessive hair and excessive shoulder pads listening, excessively, to Debbi Gibson’s “Electric Youth”. We killed the electric vehicle; it just had no place in our polyester world.
But consumers of today are not the same. Consumers seem savvier about globalization and the geopolitical effects of our fossil fuel consumption. We lived it up in the 80s and 90s and even in the beginning of the 21st century as we rolled around in Hummers and Escalades, and now we’re seeing the effects of our profligacy. Consumers have learned that oil prices are volatile and we’re tired of the lesson. We’re exhausted by the constant up and down. Yes, it’s down today, we may think with relief, but for how long? Fear not, PH/EV sector. Consumer consciousness has shifted in your favor as we look for stable and steady energy supplies and new vehicle technologies that take us away from the unpredictability of foreign oil prices. We’ve packed away our old ideas about oil along with our Debbi Gibson tape and shoulder padded shirts.
2 Comments
We had electric autos from 1907 to 1939 and electric trolleys in most cities. Then G.M. and our Congress killed both industries and Congress killed the beginnings of the wind turbines about that time frame,(Jacobs and wind Charger).
To bad nothing has changed in Congress yet.
I can’t wait for an EV, range-extending (REEV) or not (pure EV), regardless of gas prices. I guess I’m a hard line environmentalist, but 20 lbs/gal of CO2 on my conscience is not acceptable.