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The question relates to the world economy in general and the Middle East specifically, knowing that oil prices are dropping and expected increase in supply may lead to more decline in prices. On the other hand major countries such as Germany is rapidly using alternative energy (%). Another matter is that oil is the major raw material for petrochemicals and fertilizers considering that the increasing production would lead to the reserves to run out faster (some predicts within years).
USA always plays a important role in fixing the Oil prices in US Dollars, even during the Brexit voting Europe come out from British collaporation counsil.
Examples of biofuels include ethanol (often made from corn in the United States and sugarcane in Brazil), biodiesel (vegetable oils and liquid animal fats), green diesel (derived from algae and other plant sources) and biogas (methane derived from animal manure and other digested organic material).
Encouraging domestic and foreign investments
AFTER OIL WE CAN PROVE SOME ENERGY FROM THE SUN, FROM THE WATER AND FROM THE WINDS.
The well known contenders : Renewables Solar, Wind and Ocean Powers. Non Renewable : Gas
Past contender: Nuclear Power - however due to a string of major accidents ( Fukushima, Chernobyl etc) it is out of favor now. It could come back in a major way, if safety concerns are addressed in future. Fast breeder reactors can produce more nuclear raw material than they consume.
Futuristic: H2O ( water) splitting tecnology, solar particles streams.
To replace oil as the prime energy source, the world will take time as technologies will have to develop to the level where economic production is feasible in the entire globe. This will give enough time for economic adjustment to take place. However, as during the introduction of the oil era, some regions will lose and others benefit.
NATURAL TRAPPED HYDROGEN can replace Oil, AS A PRODUCT, while keeping the Oil&Gas industry strong.
The current paradigm defining that hydrogen is not a 'drillable' natural energy source but a production might be correct today. However, what about tomorrow (or should I say tonight)?
The pillars of an industry are here :
- - Natural Hydrogen reservoirs have been found in a bigger scale than once expected.
- -The current production (reforming) already brought knowledge on storage, transport, production. The demand is here and the niche markets started to mature.
Moreover, a strong industry of exploration, production, transport and distribution is in place ready to be updated.
Hence, gradually swithing to hydrogene would be faster and require less transformation (thus cheaper) than switching the world to alternative energies entirely. More importantly, it wouldn’t kill most of the industry as Oil did to coal.
The real challenge will be to find means to abstract the gas but I believe it is very possible if the right resources are allocated.
Here are some food for thoughts.
http://www.nrel.gov/docs/fy13osti/51995.pdf
Alternate source of energy is the answer which is solar energy and wind energy. Infact it should be done now instead of waiting for oil to deplete.
shifting the residential consumption to solar and wind generated energy might be the answer and along with it rapid development of cheap transit railway within KSA can significantly reduce the oil consumption .
The literature depicts that oil reserves are usable by 2050. The energy source left is "Sun" for Saudi Arabia. This great country has one of the highest bright sun duration. There needs to be a strategic plaaning in this direction to meet nation's goals for prosperity and security.
I leave the answer to specialists experts in this field
