With reference to the report, "Largest energy trader sees oil at low for next 10 years" (February 10), the views of Vitol Group should be seen in the context of newer technologies changing the energy scenario. Wind, solar, lithium and nuclear energies as well as hybrid cars, mandated increased mileage per gallon and hydrogen fuel will reduce dependence on oil. With concerns over global warming growing every day, renewable energy systems will become ubiquitous and the cars of today will become obsolete, say experts.
Falling oil prices have led to a glut in production not only from fracking in the US but also from Iran where international sanctions were lifted last month. When Iran enters the global oil pool, the prediction is that oil prices will slide further.
India should continue to push its solar, nuclear and wind energy initiatives forward so as to be less reliant on imported fossil fuels. The low prices are a blessing for India; it is the right time to plan the building of strategic energy reserves.
H N Ramakrishna Bengaluru
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