African governments have been advised to develop other alternative sources of energy especially the bio-diesel industries.
Global oil reserves are anticipated to last for the next 50 years, according to a report by the Africa Refiners Association (ARA).
President of ARA, Joel Dervain says bio-diesel and bio-alcohol are promising future clean fuels which African refiners and governments must collaborate to give due attention to, for more sustainable source of energy.
Bio-diesel is a major source of supplement for countries in Europe and Asia and the United States of America.
One out of very two vehicles in Europe uses bio-diesel while it is estimated that fuel from palm, soya beans and rape seed which are Africa's common endowment, constitute close to one percent of the world's bio-diesel.
At the last ARA meeting in Ghana in December, the report said the new route of escape is to find new fields, and that oil production will peak within the next 10 to 20 years and thereafter fall though demand will continue to rise.
In the situation where demand continues to exceed supply, the expectation is that oil prices will continue to surge.
In recent days, oil had hit the record $100 mark and was hovering around $95.09 per barrel yesterday, sending signals that most economies especially Africa and developing countries would have to develop other alternative sources of energy.
The rising oil price is mostly due to the weakening dollar, speculation and instability in some countries.
Though some of the countries on the continent such as Nigeria, Algeria and Angola are endowed with oil and until recently Ghana discovered some millions of barrels of crude oil, African economies are the most hardest hit when oil on the world market surges.
However, the Energy Commission and other energy research institutions have been researching into developing bio-diesel, as well as solar and wind energy in the country.
By Charles Nixon Yeboah