**Vladimir Litvinenko**

Doctor of Engineering, Academic Supervisor of Research Center "The Arctic", Saint Petersburg Mining University, Saint Petersburg 199106, Russia; river4020@yandex.ru

Received: 17 April 2020; Accepted: 19 May 2020; Published: 21 May 2020

**Abstract:** Presently, there is a paradoxical situation in the global energy market related to a gap between the image of hydrocarbon resources (HCR) and their real value for the economy. On the one hand, we face an increase in expected HCR production and consumption volumes, both in the short and long term. On the other hand, we see the formation of the image of HCR and associated technologies as an unacceptable option, without enough attention to the di fferences in fuels and the ways of their usage. Due to this, it seems necessary to take a step back to review the vitality of such a political line. This article highlights an alternative point of view with regard to energy development prospects. The purpose of this article is to analyse the consistency of criticism towards HCR based on exploration of scientific literature, analytical documents of international corporations and energy companies as well as critical assessment of technologies o ffered for the HCR substitution. The analysis showed that: (1) it is impossible to substitute the majority of HCR with alternative power resources in the near term, (2) it is essential that the criticism of energy companies with regard to their responsibility for climate change should lead not to destruction of the industry but to the search of sustainable means for its development, (3) the strategic benchmarks of oil and coal industries should shift towards chemical production, but their significance should not be downgraded for the energy sector, (4) liquified natural gas (LNG) is an independent industry with the highest expansion potential in global markets in the coming years as compared to alternative energy options, and (5) Russia possesses a huge potential for the development of the gas industry, and particularly LNG, that will be unlocked if timely measures on higher e fficiency of the state regulation system are implemented.

**Keywords:** energy sector; hydrocarbon resources; liquified natural gas; LNG; alternative energy technologies; state regulation; market conditions; energy balance; sustainable development
