June 27, 2008

Investments in alternative sources of energy

In the highlights of the EIA International Energy Outlook 2008, which I came across through a Global Strategy Institute blog posting, I read this:
"A variety of factors have caused oil prices to increase, including strong demand growth in non-OECD Asia and the Middle East, no growth in production since 2005 from the members of the Organization of the Petroleum Exporting Countries (OPEC), rising costs for oil exploration and development, across-the-board increases in commodity prices, and a weaker U.S. dollar."

At the end of this 6-minute speech, Mr. Barack Obama explains that over the next 10 years, he will - if he is elected President of the United States of America - invest US$ 150 Billion in alternative sources of energy such as wind power, solar power, and advanced biofuels – investments that will create up to 5 million new jobs and Billions of dollars in new business.

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