Saudi Prince Al-Waleed bin Talal has recently expressed his fears to CNN that the rising oil prices in the Middle East will encourage people to seek out an alternative to oil. He urges his peers in the oil industry to work towards lowering prices and helping combat the increasing notion that oil is an unsustainable and expensive source of energy.

“We don’t want the West to go and find alternatives, because, clearly, the higher the price of oil goes, the more they have incentives to go and find alternatives,” said the Prince. What alternative may have the Prince worried the most? Clean-technologies, perhaps.

While oil prices have begun to fall by 2-4%, the recent political situation in the Middle East will surely continue to have an affect on these, as oil prices are prone to fluctuating in accordance with political and economic influences. Thus, it is rather likely we will see another increase in prices again soon.

Does this mean that people will immediately begin to switch over to clean-technologies when prices increase again? Maybe not. Studies suggest that American consumers, for example, are not likely to drive less or spend less on gas just because prices are rising, many believing that the political turmoil in the Middle East is just a momentary event and oil prices will in time go back to normal.

On the other hand, The United Kingdom has had a different response. Fuel prices are much higher than in the US due to high tax rates, amongst other costs. Consequently, clean-technologies and energy efficient transport technology is being pushed. London, for instance, has the largest stock of hydrogen fuel-run vehicles in all of Europe.

High oil prices present a great potential opening for the clean technology industry. However, before we hail the next century as a clean-tech one, there are a few factors to think about. Oil, whether it is jet fuel, gasoline or diesel, remains one of the primary sources of energy for transportation. Coal, which generates about 57% of U.S. electricity, and natural gas, which is the second most used fuel for powering electric plants, are also popular and abundantly available.

Moreover, efficient energy alternatives have seen their fair share of bumps along the way and may continue to experience some speed bumps. Clean-technologies are not necessarily easier or cheaper to use or to manufacture, as some come with complicated procedures of use. Solar panels, for example, which are fast becoming a popular source for alternative energy, require a particularly pure silicon whose manufacturing procedure requires a lot of time and, ironically, energy. So, though it is unlikely that rising oil prices will cause the whole world to switch to hybrid cars and solar panels.

Is our obsession over the slightest fluctuations of oil prices really worth all the trouble? At a certain point we cannot continue seeking out alternatives when prices are high and reverting back to our obsession when prices settle. With a further investment in cleantech and alternate fuel sources, the impact of varying oil prices may not have as many lasting political, social, and economic effects.