Yes, but not for a long time. We first have to run short of fossil fuels or wait until the cost of extracting those resources becomes astronomical. In the meantime, the situation will put the world in a see-saw situation. As the cost of petroleum and natural gas rise and people turn to renewable energy sources, the price of fossil fuels will drop temporarily and people will revert to their use.
With the world hungering for fuel of any kind, it may happen that no fuel will ever become cost effective -- except for the producers.