In 1979 the US Congress voted out of existence the National Renewable Energy Laboratory. It was the first time ever when a scientific institution lost a large part of its funding for a scientific research project. It has led to a reduction of the number of scientists currently working in the field of renewable energy, from about 25,000 to 1,000 today.
What has happened to the US energy industry since the energy crisis of 2009?
US industry remains strong despite a low prices since then. The total installed capacity of wind turbines in the United States rose from 11 gigawatts in 2005, to over 25 gigawatts in 2012. Meanwhile, US consumer interest in renewable energy has remained high in recent years at a few thousand homes.
This is reflected in the fact that new renewable power plants have been being built, despite the difficulties and cost of capital of financing these installations. Some companies have also had more favorable conditions to raise capital.
The US has also had more positive developments in the solar industry, where in 2011 the first domestic solar farm completed has now produced over 1,000 megawatts of power. The US Energy Information Administration forecasts that the solar power generation will reach 2,7 million megawatts in the year 2019.
In 2010 the USA had the largest solar energy growth rate in the world. In the meantime, most of the existing solar panels are still sold, and the industry will continue to see strong growth as long as there exists a large enough market.
What is the best reason to do business in the US?
The country has among the most free markets on the planet, making the U.S. the best place to do business in terms of business practices and regulations. As a result companies often pay little or no taxes in the country, meaning that the government is able to support their operations without affecting the growth of the economy.
The high cost of capital also helps the U.S. companies in developing countries to compete on a level playing field and attract investors. Many of the world’s most innovative companies have set up their headquarters in the US.
What impact have the government initiatives to limit oil consumption had on the oil industry?
Despite the oil price shock of the summer of 2010, the industry continued its growth, with the production of oil and gas now having reached 7.6 billion barrels.
These figures indicate that the oil industry remains resilient, as the amount of oil that will be produced in the United States, over the lifetime of
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