Reinventing energy

Without plentiful and low-cost energy, every aspect of the global economy is threatened. For example, food prices are increasing alongside soaring oil prices, partly because of increased production costs, but also because farmland in the United States and elsewhere is being converted from food production to bio-fuel production.

No quick fix exists for oil prices. Higher prices reflect basic conditions of supply and demand.  The world economy - especially China, India, and elsewhere in Asia - has been growing rapidly, leading to a steep increase in global demand for energy, notably for electricity and transport. Yet global supplies of oil, natural gas, and coal cannot easily keep up, even with new discoveries. And, in many places, oil supplies are declining as old oil fields are depleted.