As we look at the current volatility in energy markets where a spike in oil prices is threatening to put even more negative pressure on an already precarious world economy, it is clear that the world is ripe for a better energy solution. While staggering technological advances have taken place over recent years and decades in many industries, the energy industry has remained relatively unchanged.
While there are exceptions (e.g. nuclear fission, hydroelectric), we are still largely dependent on the burning of fossil fuels for our heating, electricity and transportation, and so long as that is the case we are going to be at the mercy of market forces that vary according to such things as geopolitical tensions, availability and discovery raw material reserves, costs of extraction and refining, etc. Energy prices rise and fall, but rising seems to be the long-term trend — and huge price spikes are possible in the face of international crises in energy producing regions such as the Middle East.
None of what I have said is news to anyone — it’s simply the reality of world economics, and to many it’s just the way things are, a situation that can’t be changed and something we must learn to live with, even if that means wars and international tensions, higher prices for goods and lower standards of living worldwide.