Earlier this month global oil prices fell more sharply in one day than they have in nearly 30 years. The cause was a snowball effect driven by a series of unfortunate events: as coronavirus stalled the global economy, oil demand fell sharply, which pushed Saudi Arabia and Russia, the two leaders of OPEC+, to meet to decide on a strategy plan, which failed spectacularly, ending in an oil price war. Now, nearly a month later, things are still looking grim. Oil prices have fallen so sharply that they have given coal the unexpected distinction of being the most expensive fossil fuel in the world. Instead of giving a boost to the competition, however, the failing oil market has brought biofuels down with it, and the renewable energy industry is begging for a bailout in the face of bankruptcy along with the rest of the energy industry. Most experts say […]