Oil is not properly priced from anyone's standpoint. Coal is not an acceptable answer. Where does that leave us?

Two of the world's biggest energy sources - one for transportation and one for electric power - are becoming unacceptable environmentally, and they are also starting to become unaffordable. 

Furthermore, Jim Hackett, the former Chariman and CEO of three global oil and natural gas exploration and production companies, and current Partner at Riverstone LLC (investors in renewable power and energy production/services), says that the conventional energy industry is well aware that its license to operate "is determined by society's acceptance."

That means that energy needs to be affordable, as well as socially and environmentally responsible, which is a view that Hackett says, despite many peoples' perceptions, is widely held throughout the conventional energy industry.

Hackett was speaking at The Nantucket Project, a festival of ideas on Nantucket, MA.

Watch the video here