Hawaii uses oil for a larger component of its electrical energy portfolio than any other state in the nation. Thus, the high oil prices have a greater impact on Hawaii’s residents, businesses, and export goods than any other state in the nation.
Oil is current trading at $67/barrel. However, HECO’s latest oil price forecast states that the price for oil will not reach $50/barrel at any point before 2016.
If the true cost of oil was used in utility planning, then it would be obvious to all, that renewables would make Hawaii energy self-sufficient and secure at a cheaper cost that the current fossil fuel paradigm.
”’Henry Curtis is the Executive Director of the Life of the Land. He can be reached at”’ mailto:firstname.lastname@example.org
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