Earth’s energy dilemma: To use or not to use fossil fuels

…The frightening frequency at which oil prices have hit new peaks this year is symptomatic of a deeper problem – the supply-demand picture for oil is becoming untenable.

…In the longer term, oil experts allude to what is known as Hubbert’s oil peak – an influential theory that predicts when global oil supply will hit a ‘peak’ some time in the next 20 to 30 years before trending down to zero.

The irony behind the quest for oil substitutes lies in the movement of oil prices – while every spike forces countries to look for alternatives, high oil prices also drive oil firms to forage harder for new wells.

What could tip the balance, say analysts, is a growing consensus that high oil prices are here to stay…

The Straights Times