Since popular unrest in the Arab world took root, followed by international armed intervention in Libya, a predictable outcome has been a steep rise in oil prices. Brent crude for May reached US$118.70 a barrel, its highest since August 2008, and in late February, it reached a two-and-a-half-year high of US$119.79. U.S. Crude followed a similar pattern.
Another predictable outcome has been a call to end reliance on oil and to replace it with new, sustainable alternative energy sources. In his recent weekly address, U.S. President Barack Obama again promoted a national plan to cut oil imports. “Real energy security can only come if we find ways to use less oil,” he stated, “If we invest in cleaner fuels and greater efficiency.”
To read the full, original article click on this link: Out of Fuel: Why Hasn't Innovation Provided a Reliable Alternative to Oil? - Arabic Knowledge@Wharton
