We now are witnessing the dawn of an energy era where natural gas and renewable sources are fast substituting for crude oil, once dubbed Black Gold. From now on Black Gold is only as precious as coal. This paradigm shift is sure to relegate some countries that rely mostly on the sale of primary fossil fuels to abject poverty, while knowledge based economies grope their way to prosperity. The shock of this energy transition threatens to have devastating repercussions on the Middle East and Africa.
We now are witnessing the dawn of an energy era where natural gas and renewable sources are fast substituting for crude oil, once dubbed Black Gold. From now on Black Gold is only as precious as coal. This paradigm shift is sure to relegate some countries that rely mostly on the sale of primary fossil fuels to abject poverty, while knowledge based economies grope their way to prosperity. The shock of this energy transition threatens to have devastating repercussions on the Middle East and Africa.
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