Despite ongoing global economic weakness, oil prices are back over $100 per barrel, driven partly by concern about unrest in the Middle East.
People condemn renewable forms of energy for being expensive and unreliable. Increasingly, the same is true of fossil fuels. In addition, fossil fuel reserves are inevitably dwindling. As oil, gas, and coal become harder to come by, they will become more costly and more unreliable in supply. By contrast, as renewable forms of energy are further developed and deployed, they will become cheaper and more reliable.
So, which is the smarter bet for the global economy in the long run?