Crude oil price soars as tensions rise in the Middle East
- Category: Policy
- Published: Wednesday, 28 August 2013 17:59
- Written by H2O
- Hits: 2777
Crude oil spiked to a six month high today as fears grew of a western attack on Syria and continued instability in the Middle East. Brent crude traded above $117 a barrel amid growing tensions about fuel security. Many readers will remember that past Middle East conflicts have sent prices soaring.
Perhaps it is little wonder then that governments are scrambling for alternative fuel sources in a desperate bid to avoid history repeating itself. It certainly seems to support George Osborne's poorly planned idea to explore potential fracking sites in the middle of rural countryside communities. At first it would appear to be an ideal solution - cheap UK gas on tap, but after closer inspection it quickly falls down. Each fractured well requires approximately 4 million gallons of water (15,000 cubic metres), putting a strain on the UK's water infrastructure.
Yet amid all of the smoke and guns the role of renewable energy appears to have been forgotten. Renewable energy sources can easily be coupled with Hydrogen storage and require far less water (in fact the water can actually be recovered from fuel cells when converting back to electricity).