The factors at work in the marketplace determining the level of oil prices in the short-term and long-term are a never-ending source of fascination and mystery. After sliding from a peak of $147 per barrel last July to a low near $33 per barrel in December, oil prices are now on the rebound.

With global demand still contracting in 2009, any real tightening of the fundamental supply/demand balance is unlikely to occur in the short term. Despite that, the price of oil has doubled to near $70 per barrel today, from the 2008 year-end lows.

Offshore Wind Must Be Integral Part of Nation’s Energy Mix

As Congress works on the issues of carbon emissions and energy security, one of the measures that has moved to the forefront in both the House and Senate bills is a provision that would establish a national renewable energy standard (RES). If it becomes law, the RES would require power companies to generate approximately 15–20 percent (depending on the legislation’s final outcome) of their energy from renewable sources and energy efficiency by 2021.

More headlines from this issue:

» CCS Technology Seen as Key to Resolving Climate Change Concerns
» Climate Change Update: Economy Looms Large Over Climate Bill
» OPEC: Looking Past the Fundamentals and Hoping for Recovery
» NRC Chairman Jaczko Redefining Role at Important Juncture
» The EU and the Great Pipeline Game
» Water: Rising as a Major Energy Industry Concern

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