The recession has touched almost everything in the world from employment, to prices, to GDP growth to housing. Even China is seeing its economy slow. In the US, this downturn may be the worst in eight decades.
One thing that hard times do is cut energy consumption. OPEC may have to reduce production by two million barrels a day, about 5% of the cartel’s shipments.Car sales are off as are airline trips. That pushes fuel prices down. Use of home heating oil is also likely to drop. As factories shut down or move to shorter hours, energy use will slump across most of the industrial sector.
According to Reuters, 2008 will be the coolest year since 1997. The data comes from World Meteorological Organization (WMO).
This year will still be hot by historical standards, but, if energy use continues to fall 2009 and 2010 it could cut even further into the trend of global warming.
It won’t bring the polar ice cap back, but it could keep Manhattan from being four feet under water.
Douglas A. McIntyre
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
