David Fuller's view -
But perhaps the most convincing evidence that solar is here and it's competitive is that oil companies are now using it to make oil extraction cheaper and cleaner.
Late last year news began coming out that the oil industry was turning to solar to help it pump crude.
Royal Dutch Shell (NYSE: RDS), Total (NYSE: TOT), the Kuwait State Oil Company, and Oman's sovereign wealth fund have teamed up to create a solar company called GlassPoint.
It is building a massive solar installation in the Oman desert to create steam to help pump oil. That one project will save more carbon than all electric cars sold so far by Tesla (NASDAQ: TSLA) and Toyota (NYSE: TM) combined.
What's more, using solar to help power an oilfield makes total economic sense. Up to 60% of the operating expenses at heavy oil fields are for fuel purchases.
So at a time when oil companies are cutting costs — curtailing exploration and laying off tens of thousands of workers — they are still interested in spending for projects that can reduce costs.
And that means solar.
Petroleum Development Oman, which is partly backing GlassPoint, accounts for 70% of the nation's oil production and 100% of its gas supply.
It is highly indicative that it is turning to solar to complement its fossil fuel operations.
This is only going to continue through 2030, as solar continues its march toward becoming the world's dominant source of electricity.
As that happens, the companies that improve solar technology and reduce its costs are going to be the biggest winners for investors.
Fuller Treacy Money has long maintained that solar power would dominate not only renewable Energy but also prove to be more successful than any fossil fuel, due to its unique advantages.
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