George Soros: Crude oil prices are set to rise further and efforts to persuade producers to increase output will not work

The global hedge fund manager, George Soros, warned that crude oil prices are set to rise further and efforts to persuade producers to increase output will not work.

"Rather than expecting energy prices to go down somehow, we should accept that it must go further up first for us to be able to solve the problem in the long term" he said in an interview with Reuters.

"There are also huge opportunities in reducing energy consumption, but (crude) prices must go up first so as to encourage people to consume less," he later continued.

Read more: Reuters

One can only conclude that peak oil is an enourmous challange for the world, but it also opens many new oppertunities for those who are prepared and can offer the new solutions in the future.