World 2.5 million USA 790K+ Spain 200K+
World fatalities 170K+ Recoveries 640K+
For the first time in history, the price of oil in the US has fallen below zero. Overnight it traded at negative $US35.20 a barrel. No one wants to own crude oil with no one using it, and nowhere to store it. With no demand for oil, it’s basically worthless. This is great news for planet Earth, and for Australia.
The Australian Government offered Commonwealth Government Securities (bonds) to banks and global investors in order to raise much needed revenue to help cover the cost of recent rescue packages. According to this news report, this was a great success, with investors ‘falling over themselves’ to get hold of them. Australia is seen as a good investment. In four years’ time the government will have to pay back the investors plus a small amount of interest.
To get back into a positive economic position, we’ll need to take advantage of any opportunities that present themselves.
Australia is in an excellent position to shift towards renewable energy as demand for fossil fuels such as oil plummet. A recent report by the International Renewable Energy Agency, said that Australia has 75 per cent more capacity in renewables, than we have with fossil fuels like coal and oil, uranium and gas.
Renewable energies such as wind and solar can also be used to generate hydrogen and hydrogen in turn can be used to run hydrogen vehicles and shipped to other countries creating a significant new clean energy economy. That is, we can make money from the sun and wind on a global scale. Australia is one of the few countries with large scale renewable potential matched by good technological capabilities and stable government. To take advantage of this unique opportunity, the Australian Government needs to act to develop a hydrogen and renewable economy as soon as possible.