Why Solar and Wind Are Thriving Despite Cheap Fossil Fuels
The prolonged plunge in fossil fuel prices is rippling across the globe. Yet it’s barely put a dent in the booming market for clean energy, heralding perhaps a new era for wind and solar.
Oil prices of less than $30 a barrel—the lowest in 12 years—have shaken stock markets and ravaged the budgets of major producers such as Russia and Saudi Arabia. Along with falling gas prices, they’ve slashed the profits of fossil fuel companies, which are delaying dozens of billion-dollar projects and laying off thousands of workers.
In Texas, home to shale-rich oil deposits, once-crowded trailer parks that housed workers are now largely empty.