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GLOBALIZATION coupled with information technology developments heralded the arrival of the new age economy. But the arrival was also marked by a rise of problems related to an important issue of energy security. The new age economy increased the demand for energy needed to fuel new production capacities. It generated fears that stemmed from the perception of depleting natural resources, manipulated price levels through demand-driven production as well as the use of amply available hedge money in stock markets to artificially hike up prices of crude left a scary picture of the world. However, there is no need to fear the depleting stock of natural resources because new findings since the report of the Club of Rome in 1963 warning about the limits to growth due to the available stock of natural resources have left the report far behind. New findings assure us that there are enough stocks in the womb of the earth to last nearly 60 years. The recent study by British Petroleum draws for us a completely different picture. Its storage and exploitation ratio stood at 164 and 66.7 years. Despite a strong demand in the global market for crude and natural gas, there was little qualitative difference in terms of supply and demand with supply remaining slightly exceeding the demand