As more countries become reliant on renewable energy sources, one industry is certainly taking a hit: oil. A Canadian government think-tank is warning that world energy reliance on oil and fossil fuels may be declining at a rate faster than expected.

The report by think-tank Policy Horizons Canada concluded: "It is increasingly plausible to foresee a future in which cheap renewable electricity becomes the world's primary power source and fossil fuels are relegated to a minority status."

It cited the increasing benefits of renewable energy. These include scalability from small communities to power-hungry cities, the availability of one or more renewable energy sources to any country, and the possibility of being competitive with coal and other fossil fuels.

Overall, the report urges caution when it comes to long-term investments in pipelines and other oil and gas infrastructure. Such investments "could be at high risk of becoming economically unviable as prices in renewable electricity further decline," it warns.

While experts consulted by CBC News disagreed with several points in the report, they certainly agreed on the major conclusions. "It's absolutely not pie in the sky," said Michal Moore from the University of Calgary's School of Public Policy.

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