Almost on cue, following oil's $12 rise in two days to $134, the International Energy Agency said the world needs to invest an additional $45 trillion in the decades ahead to vastly expand both nuclear power and wind power capacity to meet global energy needs. Strictly speaking, the IEA's call to action was rooted in reducing the world's greenhouse gas emissions and achieving what it argues will be "a clean, clever, energy future" and not to move away from oil or fossil fuels solely on cost grounds. (pdf)
Still, the report's 2050 ETP Baseline scenario projects that CO2 emissions will rise by 130% and oil demand will rise by 70% - - the latter total being equal to five times Saudi Arabia's current oil production. If the IEA's oil projection is correct, that would suggest additional large increases in the price of oil in the decades ahead - - on top of oil's more than 400% price rise since 2001.
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