Shell Bails on Alternative Energy Research

From 60 Second Science:

International oil giant Shell announced this week that it plans to suspend funding and research into solar and wind alternatives to fossil fuels. Shell also said it does not view hydrogen as a viable energy alternative either, but that it plans to continue its work on biofuels, Reuters reports.

Energy analysts cite the huge drop in oil prices since last summer as the key reason that Shell pulled the plug on renewables research. “It’s not much of a surprise given the current oil price environment,” says Ian Nathan, senior research analyst at Energy Intelligence. "Shell, like any other oil and gas company, has shareholders it’s responsible to, and in an economic downturn, where revenues are under strain, it would seem to make sense for the company to focus its spending on its bread and butter business, which is oil and gas.” Read more...