The uprising in Middle east and Africa for democracy has sent the price of crude oil to new heights for the first time after 2008 July. As I was reading in one of the newspapers, the recent rise in prices is not due to increase in the demand but due to production shortfall.
Well, with the announcement of Saudi Arabia to increase its production, comes as a relief. But the fundamental question that needs to be answered is "How long the world economy can continue to depend on Crude oil or fossil fuels." We might continue to have huge reserves of Oil and demand & supply continue to match (Which is not possible and at the current rate of consumption of oil, we will run out of reserves in 40-45 years from now) but can enviornment/ecological system continue to bear our economic progress?
All of us know that renewable energy is the answer but its economic viability comes as a hurdle? Detoriating climatic conditons and ever rising CO2 in the atmosphere is harmful for us only? Adverse climatic conditions will hit us,equally as we are now in a globalized world.
Whats disturbing is the disunity amongst the world leaders on this issue. Failure of Kyoto, Cancum and Copenhagen is a clear indication of this. Today, We no longer can be concerned about our growth only.
