Regardless the various reasons for the prices, demand pressure, oil refineries problems or political hiccups. The fact remains that we are in the worse energy crisis since the 70s. We could have been the instigators of change, but now change might be forced upon us. We held onto the combustion engine, and not invest big into what comes next. If we had, I know it would be ready by now. However, we choose the expedient path, and now the chickens come home to roost.
Energy is abundant. 6 trillion barrels of oil are out there
that are eventually recoverable at these prices, according to exxon/mobil.
At 80 million barrels a day, we consume about 3 billion barrels a year. So there is another potential 100-200 years of the stuff. Or if you use just the known reserves, still about 40 years of it.
"We held onto the combustion engine, and not invest big into what comes next. "
Sure we did. ... we spent billions on fuel cell cars, electric cars and other gizmos.
what came next was the SUV after all.
but people buy cars that are convenient... not the cars the social engineers want them to buy.