I think fusion might actually not be that far out, only a few decades or so before they're starting to be rolled out like nuclear power plants around the globe. All that we need is a working reactor and there will be nearly infinite energy available for everyone
There are two major problems with electricity, and note, production is not one of them. The first one is that you can't efficiently
store electricity, and the second you can't efficiently
transmit it...
Now think oil
Oil has a lower calorific content then coal which China uses extensively, probably explains a bias to electric cars which can be feed by a coal power station or their large hydro dam. China is not able to produce oil so it becomes a national security liability to have too much demand, USA however produces more then Saudia Arabia but not as cheaply; so that security of supply will always be good despite price concerns.
India also has little oil, a massively growing nation more so then China even. This indicates oil demand will rise long term, not much more then a few years ago 30% of India was living on less then a dollar a day. The smallest amounts of progress for so many represents giant amounts of demand on the worlds supply.
Saudi themselves have growth and rising demand for fuel, to sell at this price is still a profit (vs usa where it often isnt) however the country runs a large budget requiring far more income then oil provides at this price. Put that supply factor and rising demand together, price should rise. Saudi will exhaust sovereign reserves in 3 years, of course they can borrow but its some indication I think
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