The project aims to set up recharge stations for electric cars at workplaces, homes and shopping centres. It is thought that some 250 000 recharge stations will be built in the project. Such projects have already been set up in Israel and Denmark.
Macquarie Capital is to raise $1 billion to build the recharging network, with AGL to supply renewable energy for the project. Better Place will actually build the network.
Should the project go ahead and the infrastructure be built, motorists will be able to dump petrol and diesel vehicles and move to electric ones. This will of course be a great relief from rising fuel costs and help protect the environment from further greenhouse gas emissions.
The price of oil shot up today by US $25.14 a barrel at one point before closing on US $121.00 a barrel – a rise of about US $16.00 a barrel for the day. This massive rise came about because of fears that the US economy was moving into a recession and the resulting weakness of the US dollar.
The Australian dollar has risen against the US dollar, closing the day at close to 0.84 US dollars as investors abandoned the US dollar. The Australian dollar was close to parity with the US dollar several weeks ago and then fell to around 0.78 US dollars about a week ago before beginning to rise again.
For Australian motorists the price per litre of unleaded petrol has fluctuated between $1.52 and $1.62 over the last couple of weeks, with little advantage gained by the low oil price in the previous few weeks. With the rise in oil today it is unlikely that Australian motorists will see any advantage in the lower price of oil over the past couple of weeks.
It is widely speculated that Australians have been getting a raw deal at the petrol pumps over the last couple of months.