What is the future of oil as a primary source of energy? This
question assumes paramount importance not only for the oil industry
but also for oil-dependent economies, especially those in the
Arabian Gulf region. Concerns about the diminishing prospects of
oil arise from multiple challenges threatening both supply and
demand. On the supply side, the depletion of finite reserves and
the ultimate physical exhaustibility of this natural resource are
obvious factors. On the demand side, the increasing viability and
the expanding use of alternative and renewable energy sources,
fuelled by environmental concerns, are adversely affecting the
position of oil. In view of these trends, is the world moving
inexorably towards the end of the oil era? Will technological
breakthroughs in the field of alternative fuels dramatically change
the energy scenario? Will new energy substitutes undermine the
supremacy of "black gold"? Will the economic demise of oil precede
the physical exhaustion of reserves?;These and related questions
were debated by a panel of energy experts at ECSSR's Sixth Annual
Energy Conference entitled The Future of Oil as a Source of Energy,
held from October 7-8, 2000 in Abu D
General
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