ABSTRACT
Genie is a spirit in Arabian folklore. The modern-day genie has emerged from the underground bringing huge manna to the people who happen to be living over the ground. This describes the enormity of the oil industry. The global energy order has passed through a series of destructive wars in pursuit of oil. Apart from environmental considerations, the price war in an unregulated oil market could adversely affect the fossil fuel economy. Coal, oil and gas are three fossil fuels that are solid, liquid and gaseous, respectively. Oil security, to that extent, is becoming an ever-increasing challenge. Political economy of oil goes along the same rules; except with two added characteristics: one, oil is a finite resource, therefore, even after the roles reverse and the weak gets an upper hand. The oil future needs to be examined on two paradigms: availability and relevance.
