Substitution of Crude Oil with other products

The various sources of energy which can be considered as the alternate to the crude oil
are as under:

1. Solar Energy.
2. Hydroelectric Power.
3. Energy from Biomass.
4. Geothermal Energy.
5. Coal.
6. Nuclear Fission.

The substitution of oil with above sources of energy requires a large amount of capital
investment and Infrastructural changes. So the substitution of the crude oil to these
resources is not easy over the short term. Although if we consider longer period of time,
the innovation in scientific methods to enhance the alternative sources of energy may
come up. Thus we may substitute crude oil with other forms of energy over a long period
of time.

Despite much discussion about alternative fuels, few currently appear to be fully
economically viable. Against this background, and in the light of the prices currently
envisioned and the structural impediments to their development, the likelihood is rather
low that alternative fuels will meet a significant proportion of energy requirements any
time soon. Model forecasts vary widely in this respect. Somewhere towards the middle of
this range, the forecasts suggests that over the period 2005-30 global production of
replacements for conventional crude oil will increase from 2.8 mbd to 10.9 mbd. The
forecast is slightly less optimistic in that it states that non-conventional sources of oil will
contribute 9 mbd in 2030.