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Oil prices are fucked, any thoughts about what comes next? (lemmy.world)

submitted 1 week ago by jaykrown@lemmy.world to c/general@lemmy.world

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[–] usernamesAreTricky@lemmy.ml 23 points 1 week ago (1 children)

There is a silver lining to this, it's going to push everyone to do the things we should have already been doing for climate change at a much faster pace

Renewable energy, especially solar, in recent years as already become the cheapest form of power per kWh. It's made up 90+% of global new electricity capacity in the last year. New instillation will likely go even further. The war in Ukraine already helped ramp up renewables in many countries and the oil supply shock here is far higher than that.

This doesn't have to come solely from the top down either. Besides the roof-top solar setups you think of, plug in solar is becoming available in more locations which also allows it to exist for apartments, renters, or just someone who wants a smaller but plug and play install. Outside the US, it's already a thing in Germany, Austria, France, Lithuania, etc. More states in the US have been looking at approving plug in solar which makes small setups easy to install and possible on balconies. Utah has approved it a few years ago, Vermont just approved it earlier this year, Virginia seems set to do so.

It's also going to lead towards more electrification. From last week

Induction stove sales on Amazon India have jumped more ⁠than 30-fold, while rice cookers and electric pressure cookers are up fourfold, a company spokesperson said.

Kitchen appliances maker TTK Prestige (TTKL.NS), opens new tab said demand for induction stoves had surged far beyond supply.

"There is a threefold surge (in demand)," CEO Venkatesh Vijayaraghavan told Reuters.

https://www.reuters.com/business/energy/induction-stoves-fly-off-shelves-india-gas-shortage-fears-spark-panic-buying-2026-03-12/