Low oil prices won't hurt renewable energy, says US EIA

#Energy

Tax incentives more important than oil price and oil is not in head-on competition with renewables for electricity production, says government’s chief energy analyst

Cheap oil is not about to kill off wind and solar power as some experts have claimed, the US government’s chief energy analyst said on Wednesday.

The historic drop in crude oil prices, with Brent crude trading at $49.04 a barrel in London on Wednesday, had raised fears that renewable energy sources would struggle to compete.

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