University Don Predicts Imminent Rise in Global Petroleum Prices

A professor of physical chemistry has predicted a significant increase in the cost of petroleum products on the international market due to declining global oil production and dwindling reserves.

Professor Olusola Oladele James made this projection while delivering the 19th inaugural lecture of Kwara State University on Wednesday, July 16, 2025. The lecture was titled “Energy Transition Crisis, Relapse Cycles, and Twilights of the Petroleum Era.”

According to Professor James, although petroleum remains a preferred energy source due to its high energy density and portability, “it is no longer cheap, and likely never will be again.” He attributed this to the global depletion of easily accessible oil reserves and the growing reliance on non-conventional sources such as offshore fields, deepwater operations, and oil sands.

“These non-conventional resources come with much lower Energy Return on Energy Invested (EROI) compared to conventional sources, making oil production more expensive,” he explained.

The inaugural lecturer also challenged the persistent belief that crude oil is an inexhaustible resource, describing it as a dangerous myth that has fueled unsustainable dependence on cheap energy. He emphasized that this misconception has delayed the development of alternative energy sources.

Professor James linked the global reluctance to invest in renewable energy to the historical availability of affordable and convenient petroleum. He stressed the urgent need for a shift in perspective, especially as the world grapples with the economic and environmental implications of fossil fuel dependence.

Calling for strategic planning, he urged the Nigerian government and other stakeholders to intensify public awareness campaigns on the finite nature of petroleum resources and the importance of transitioning to renewable energy.

“Nigeria should learn from the United Arab Emirates and other Middle Eastern countries,” he advised, “by using its petroleum wealth to build infrastructure that supports a sustainable, post-oil future, while the resource is still available.