Analysis: The Death of Oil?

(UPI) — Oil is ’signing its own death warrant’ by pricing itself out of the market, according to a new report by leading U.K. think tank Chatham House. But this is not a wholly negative occurrence, as high oil prices are forcing consumers to use technology more efficiently and invest in sustainable energy sources, the paper argues.

Amid spiraling oil prices and fears over energy security and climate change, governments and innovators the world over are seeking out new technologies to increase energy efficiency. But according to author John Mitchell, associate fellow on Chatham House`s Energy, Environment and Development Program, a considerable share of global energy supplies could be saved simply by using existing technologies more effectively.
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