HAS oil had its day? Listening to some commentators you might think so. Today’s high prices reflect the beginning of a long-term decline in the carbon-fuel industry, they argue. Future reserves are limited and too expensive to exploit. In short, the world is running out. Furthermore, they claim, this means renewable energies have reached a turning point and will soon become competitive.
They are wrong on every count. Carbon-based fuels are destined to dominate the energy scene for many decades. Renewable energies will not get much of a look-in on the open market until well into the second quarter of…
