I cite the following:
1. A huge fraction of the world's oil reserves have yet to be touched--it's only now that modern technology has finally made them viable.
2. We've made great strides in using oil-laden algae to produce diesel fuel, heating oil, gasoline and kerosene. With further refinements, these four fuels could be made mostly from renewable resources, not crude oil.
3. Battery technology is about to make a HUGE leap forward with dry-electrode lithium-ion and ultracapacitor battery designs, which may extend the range of electric cars from 100 to nearly 500 miles!
In short, technology has outrun the Peak Oil naysayers all over again.
By the way, we're also on the verge of a major breakthrough in the processing and production of titanium metal. Given that titanium is almost as common as aluminum but many times stronger and way more corrosion resistant, we could soon have automobiles that are safer than today's automobiles but 400+ pounds lighter in terms of structural weight compared to a 2012-model car. This could dramatically change the way that all forms of transportation vehicles from bicycles all the way up to big airplanes are built.
Interesting. Do you have a cite on the titanium processing advance? I’m a metallurgist by education though I don’t work in it anymore. I’d be curious to read up on this.