With the oil crisis in the Gulf is dominating headlines, this is an opportunity to step back and reconsider our addiction to oil.
Much of the blame has been put on BP in their negligence for violating safety and back-up protection devices of their deep-water well in the Gulf.
Instead of placing blame on BP, maybe we should take a look at the root cause of our dependence on oil.
BP is simply trying to keep up with the insatiable appetite for oil that U.S. consumers demand. Maybe the solution to the problem is to reevaluate whether we should continue down the same path of oil-based energy dependence or consider other renewable energy alternatives.
It is not an overnight solution, but the process has to begin at some point. Like weaning an addict off drugs – it takes time, the process is slow and gradual, but change has to begin somewhere.
One way to begin the process is to put money into the alternative energy sector. For those investors with time to make their money grow, consider putting a fraction of your IRA into an alternative energy mutual fund.
A couple green mutual funds to consider are the Winslow Green Growth Fund (WGGFX) or the Green Century Equity Fund (MUTF:GCEQX). If the solar sector appeals to you, consider the Van Eck Market/Vectors Solar Energy ETF (NYSEARCA:KWT), or the Claymore/MAC Global Solar Energy ETF (NYSEARCA:TAN).
Keep in mind the companies in these funds and ETF’s are speculative, and advisors in the sector tell clients to only put money here that you do not need in the next 5-10 years.
Has the Gulf incident and its costs and lingering effects, the images of oil washing up on beaches, wetlands destroyed, and ecosystems ruined, enough to reach the “tipping point?” Have our elected officials woken up and finally decided to move policy in a more sustainable direction?