From hydrocarbon to a hydrogen-based economy (Part II)

The increased oil prices at current rate above US$65 are most hurting to developing countries, which are struggling to build a healthier economy and raise living standards of the people. Take for instance the case of the Philippines. The country imported 126 million barrels of oil in 2004 at US$40 per barrel, accounting for 38 percent of the country?s energy requirements, valued at about R280 billion. This cost is equivalent to a third of the national outlay, and 15 percent of the total imports. At an average cost of US$60 per barrel in 2005, oil imports would be at no less than R423 billion.

Strategies and alternatives to solve the energy shortage:

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