"This week marks the 150th anniversary of the first oil well drilled in Titusville, Pennsylvania by “Colonel” Edwin Drake. The commodity would prove essential to the development of modern societies, enabling communications, travel and trade on a global scale.

But its central role is now facing unprecedented challenges.

Governments are concerned about the need for energy security and reliable supplies. The threat of climate change requires shifting away from fossil fuels that currently dominate the world’s energy mix. And fears of “peak oil” — the notion that half the world’s reserves have been pumped and that global production is now on a slow path of decline — have gained followers as prices have soared.

How much longer will the 'Oil Age' last? "

Jad Mouawad reports for the New York Times August 26, 2009. [2]