If Mr Stelzer genuinely thinks that the reason OPEC still exists is simply because his all-mighty State Department is too indolent to break it up, I suggest he re-take Geopolitics 101; there is no national or international body which could destroy that organisation, short of military methods.

gavin corcoran, London,

How is it that neither China nor India appear to have any oil in all that land mass?

Robert D Marshall, London, UK

Japanese automakers are preparing a generation of fuel -cell
automobiles. The need is obvious: Japan has to import
petrol to power its vehicles. Indeed, the need to supply its military with petrol caused Japan to target the Dutch East Indies during World War II. China faces the same problem now.

Joe Roberts, Jackson, USA

Petrol isn't going away any time soon. Best near term option is to supplement it with hybrid technologies. Gasoline/electric plug in hybrids look promising. I, personally, drive a diesel/recycled cooking oil hybrid retrofitted onto a 1984 MB turbo diesel. Suits me, but not for everyone

William Floyd, Chester, SC, USA

Long term, there is not and will not be enough oil to continue using it as we do now.
Long term, nuclear (U and Th) and solar are possibly the only energy sources that can supply enough energy.
Higher oil prices will make nuclear and solar viable.
Short term, we're in trouble.

Mike, Sydney, Australia

As a start,we need a global policy of rationing for oil for vehicles, especially for private citizens.Supplies would last longer and give us valuable time to get a policy together.Less demand, less supply, cheaper prices, less land being used for bio-fuels. However,any policy will fail, oil is over.

Kieran O'Donnell, Cambridge,

We don't lower prices. They collapse. Its just a matter of muddling through till then. Dont any of you economics types have any faith in Mammon?
(Underpaid physicist for basic GCSE economics).

e skelton, cardiff, wales

Goldman Sachs were also talking about a 20-year bull market not so long ago. Attention seekers in my opinion.

Jonathan Sparke, Cotignac, France

0 will happen until oil becomes to expensive, then the economics will be in place. until the economics are in place companies will focus on new technology and finally the politicians will become involved.
its called STEP progress which history has told us this is how it always happens.

michael mckeary, paisley, scotland

You're assuming that OPEC is falling over itself with excess capacity.
Capacity takes years to build up.

In strategic terms what is the benefit to them of exploiting these resources now?
So they can have more Dollars?!
It's at the point where the more dollars they collect the less they're worth.

Chris, London, UK

Tthe hydrogen economy would be a boon for poverty-stricken countries in sub-saharan Africa who have lots of sunshine but little else. Large solar-power arrays could provide the electricity to produce hydrogen, oxygen and other products from seawater (pumped in from he coastal states).

David Thomas, Oceanside, California USA

best solution to the 'problem' is even higher oil price. Did you notice any significant drop in traffic (air, car) recently? if not there you have the answer. There is no 'need' to live tens of miles from your workplace, have second homes hundreds of miles from your home, fly constantly to business meetings or holidays halfway around the world.

Heinz Geyer, London, UK

Do you think Western oil companies would be able to replicate the success of Texas and the North Sea in OPEC countries?

Since the North Sea is down 2/3 from is 1999 peak, and Texas is producing about half what it was at maximum.

Mexico peaked in 2004 and production is declining substantially.

Steve, UK,

Hydrogen will never compete with battery electric vehicles on efficiency, running cost and simplicity. Hydrogen is flavour of the month as its easiest to make it from fossil fuels.

Battery electric vehicles means no big oil, no OPEC, no noise. Charge it from the sun on your roof

Steve, UK,

Nicely written article but flawed to he core. Why? Ethanol is the solution. Not with corn but with sugar cane!Don''t deprive the chickens of their feed to get fuel! Plant sugar cane and do as Brazil is doing!! Produce it here for ethanol in FL, CA or Hawaii. We can do it! Stop whining!

J. Carvalho, Waverly, TN , USA

Even harder is to suggest that perhaps the US could manage with the average of developed country oil consumption per head, after excluding the US? There is no reason why the US should use so much of the world's oil and they know it.

Colin, shrewsbury,

These things have a way of working themselves out. I predict that $200 oil will come, but it's wake will be a disaster for the oil producing countries as the market will provide an answer in some alternative technology. I can hardly wait until the greedy opec countries go back to the sand.

BundyGil, Bundaberg, Australia

Brilliant article, I thought. It would be good to hear such a balanced set of opinions from politicians on both sides of the Atlantic once in a while.

J.P, Bangkok,

Bring it on: the sooner we get off oil economy the better. Whatever happened to the hydrogen economy?

Tom MacFarlane, Thornton, UK

Fantastic article. Our main hope is the development of new technology. Hydrogen cars represent the best chance of replacing oil and to stop the subsequent financing of our enemies. The energy to produce hydrogen is most likely to come from nuclear power, not mentioned in this article.

David Lea-Smith, Edinburgh, U.K.

The idea that consumers are better off if they politicians steal their money, as opposed to buying something they actually want like gasoline, is ludicrous. Better yet America can up its own oil production but the Greens won't like that. Tough.

J. Peron, Phoenix, US

THere is only one way to solve these kinds of problems. It wouldbe having a world stratergy on energy production and also on energy usuage. Nuclear seems like the only viable option which if engineered could use little material for maximum gain. THen all trasnport has to become electric.

amit hindocha, leicetser, uk

It is not hard to forecast such a hit for energy prices (commodities are following the same trend as well). Demand is hugely increasing as a consequence of the spreading of economic growth, whilst energy supply is rather rigid as oil reserves are on the right side of the Gauss curve. Wait and see

giandomenico piluso, Milan, Italy

When, many years ago, I mentioned the Severn Barrage proposal to an American businessman he said that the project would happen in the United States. It's a crucial difference.

fred keeling, almunecar, spain

history and ambition make a mockery of reason

glenn schaefer, holbrook, USA