The 3 reasons fossil fuels have such a hard time competing are:

1. It keeps getting harder to find and extract fossil fuels.
2. Renewable technology lowers costs far faster than technology improves fossil fuel cost due to Wright’s law.
3. People don’t like the negative effects of fossil fuels — namely, pollution and carbon impact — so they discourage its use.

As these finite reserves dwindle, it’s no surprise the tide’s turning. Without breakthroughs, fossil crunches will keep prices volatile, but hey, that’s our cue to accelerate the green revolution.