The demand for fossil fuels, including oil and coal, has resulted in havoc with its continuous rise globally, despite evident and clear attempts to adopt renewable and clean energy. In fact, the world saw a drastic increase of 2.3% of this energy in 2018, which represented the most prominent annual hike in more than a decade.
With the sustained turndown of the global oil market affecting deliberately the share and demand performance of associated stocks, this market has proceeded to wage war on several fronts. This issue is heightened by the mere fact that the remaining fossil fuel resources are estimated to be depleted entirely by 2060. Furthermore, this has encouraged many nations to seek out renewable and cleaner alternatives by eschewing traditional energy resources.
There has been a continuous debate among the experts whether renewable energy would be able to successfully save diminishing energy stocks in 2020 or not. Simultaneously, constant efforts are being put to pave the way for a more sustainable and greener world in the upcoming future. With all the speculative opinions on hand, they are moving towards the future with an optimistic mindset.
The coronavirus pandemic outbreak has further impacted the ongoing imbalance between demand and supply, which already existed in the market. As a result, the oil plunging has been sent to an 18-year low. The US crude oil values saw its lowest hit since February 2002.
Of course, brokerages and traders have helped tackle and track these changes, but this US election, along with a probable win for Joe Biden, the Democrat candidate, can prove to be an unlikely savior for the traditional energy market.
Biden’s environmental and economic policies are based upon a 2 trillion dollar spending plan, which will focus on revolutionizing the US economy by building a green infrastructure, which in turn, would turn the focus away from exhausted fossil fuel resources.
Thus, the energy market would be boosted by this plan and help to overcome the losses experienced by oil companies and traditional firms, thereby assisting investors to go for more explicit alternatives for profit.
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