The Rise of Oil Prices In Northern Ireland
This past December record snowfall and low temperatures of had a dramatic impact on of oil prices in Northern Ireland.
Another serious impact on rates is peak oil.
Peak oil is a term which posits that the world has reached the peak of crude oil supplies and that the oil reserves are dwindling.
The effect of this trend has had a profound impact on the British economy.
For decades the UK has had relatively inexpensive prices due to its reserves off the Shetland Islands in Scotland.
Also helping to keep rates low was the mild winters the British Isles have enjoyed thanks to the Gulf Stream.
With hardly more than a week of frost during the entire winter season, petroleum rates have remained lower than in continental Europe and North America.
Over the past decade, the deposits in the North Sea have declined precipitously.
This past December, the UK transformed for being a net exporter of petroleum to a net importer.
When the UK had its own supply rates remained low.
Now that the UK must import petroleum, oil prices in Northern Ireland have started to rise.
With this trend rates have only one direction to go: up.
Regardless where one stands on the debate about climate change, i.
e.
whether it's man-made or just part of the Earth's natural cycle, one thing is indisputable: the climate is changing.
Climate change will make energy costs rise for the foreseeable future.
For the British Isles, climate change is not bringing warmer winters but as this winter has shown, it's bringing bitterly cold winters.
Rates have increased simply because residents have been forced to use more energy to heat their homes than before.
Another factor boils down to basic economics of supply and demand.
With bitterly cold temperatures the demand for energy has risen.
With increased demand, rates have risen along with it.
With more households requiring heating fuel, the supply has decreased causing scarcity.
Scarcity affects energy prices in the region.
The combination of climate change and peak oil will have indelible and irreversible effects on energy rates in the country.
This will be a hard adjustment for residents.
Not only will they have to get accustomed to frigid winters they must accept that energy rates are going to be more expensive than in the past.
Given the region's poorer economic situation compared to the rest of the UK the rise of oil prices in Northern Ireland will lead to hard times for many residents there.
As heating rates become out of reach for low income residents, many will be forced to give up heating fuel and resort to installing wood and coal burning stoves and furnaces.
Another serious impact on rates is peak oil.
Peak oil is a term which posits that the world has reached the peak of crude oil supplies and that the oil reserves are dwindling.
The effect of this trend has had a profound impact on the British economy.
For decades the UK has had relatively inexpensive prices due to its reserves off the Shetland Islands in Scotland.
Also helping to keep rates low was the mild winters the British Isles have enjoyed thanks to the Gulf Stream.
With hardly more than a week of frost during the entire winter season, petroleum rates have remained lower than in continental Europe and North America.
Over the past decade, the deposits in the North Sea have declined precipitously.
This past December, the UK transformed for being a net exporter of petroleum to a net importer.
When the UK had its own supply rates remained low.
Now that the UK must import petroleum, oil prices in Northern Ireland have started to rise.
With this trend rates have only one direction to go: up.
Regardless where one stands on the debate about climate change, i.
e.
whether it's man-made or just part of the Earth's natural cycle, one thing is indisputable: the climate is changing.
Climate change will make energy costs rise for the foreseeable future.
For the British Isles, climate change is not bringing warmer winters but as this winter has shown, it's bringing bitterly cold winters.
Rates have increased simply because residents have been forced to use more energy to heat their homes than before.
Another factor boils down to basic economics of supply and demand.
With bitterly cold temperatures the demand for energy has risen.
With increased demand, rates have risen along with it.
With more households requiring heating fuel, the supply has decreased causing scarcity.
Scarcity affects energy prices in the region.
The combination of climate change and peak oil will have indelible and irreversible effects on energy rates in the country.
This will be a hard adjustment for residents.
Not only will they have to get accustomed to frigid winters they must accept that energy rates are going to be more expensive than in the past.
Given the region's poorer economic situation compared to the rest of the UK the rise of oil prices in Northern Ireland will lead to hard times for many residents there.
As heating rates become out of reach for low income residents, many will be forced to give up heating fuel and resort to installing wood and coal burning stoves and furnaces.