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The European Central Bank and the Bank of England have increased the interest rates in the first week of August 2006. They have argued that the rising oil prices have caused a higher inflation. If the political leaders of this world meet in these days, they state that they are concerned about the climbing oil costs. They fear that the economy could be affected in a negative way. The daily press also reflects these fears.
More Innovations Thanks Former Oil Shocks
The history of former oil price shocks 1973 and in the beginning of the eighties has displayed, that these events have boosted innovation. New buildings can be designed today in a way that they use a fraction of energy compared with the seventies or eighties of the former century. Old buildings have been renovated and energy has been saved. Jobs and income opportunities have been created in a lot of small businesses that help to save fuel and energy.
Domestic Expenses Instead Of Fuel Imports
The trend to more energy independence has a benevolent effect for the economies of the industrialised countries. Higher costs of oil and fuel imports help pushing the efforts of a better energy efficient use of the energy. Domestic companies, most of them small businesses and engineering firms, develop solutions for an energy efficient use. Farmers detect new opportunities. They grow plants for the production of bio-diesel and ethanol that can serve as complementary fuels to gasoline or petrol. Step by step more money flows in the domestic market. The oil sheiks still get a lot of money, but an increasing share of the energy related expenses will be spent inside the domestic economy.
Green Investment Funds Are Booming
The above thesis is underlined by the boom of green investment funds. These are funds that invest in energy efficient running companies. Most of these companies create higher return-on-investments than the average. Their stocks show an over average performance at the stock markets.
New opportunities arise in the field of renewable energies. Photovoltaic firms, wind power energy companies grow very fast. Their shares perform dozens, if not more than hundred percent a year. Investment funds that specialise in these branches are very popular.
Use the Challenge
The added value of all these activities remains in the domestic economy. Entrepreneurs, 'energy-farmers', employees, and investors in these branches get more money in their pockets. They need to spend it, what propels the domestic market. If the challenge of rising oil and fuel costs is used, more and more people can benefit. An example is the traffic. High fuel prices will enforce more fuel economy and methods to a better gas mileage, e.g. more miles per gallon or more kilometres per litre. This will be another great 'battle field', because the fuel consumption still increases in the field of traffic. The use of energy will only be affordable in the future, if it is done energy-, cost- and eco-efficiently. |
| Author: Lil Waldner |
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Author Bio:
Lil Waldner is a business economist. She is experienced in project management and marketing. She has worked as an editor for several newspapers and she has written booklets and essays on economic and public issues. More about: Fuel Freedom International or Save Fuel Success Stories |
| This article can be searched using: High Fuel Prices, a Chance for Business Opportunities?, Careers & Employment |
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