Oil is a global commodity. The world's population increases annually by 57 million people a year [the equivalent of adding a new Italy every year] and will continue to do so until at least 2050. The growing affluence of countries like China and India will also increase demand. OPEC will have no problem selling its oil for many years to come.
The US imports about 60% of its oil. Yes, growing costs will make other sources of energy more viable, but that is a long term effort that will take generations. The US is the biggest user per capita of energy. Our population will grow another 167 million by 2060, thus increasing our demand for energy significantly. Increased energy costs will also have a negative impact on our economy impacting the costs of goods and services.
Yeah I am not too happy about where the economy is headed. However, it taking ‘generations’ is not true at this point. US Investors are confident OPEC can no longer control the price through simply flooding the market to reduce price as it once did.
As you stated, energy demand is going through the roof (as is the price of course). Your talking about a total of 20 years to be totally energy independant and I will say withing 10 years we will be importing 30% (or half) the oil we do now.
At that point, the reduction in US consumption will lower the price of oil. The real problem is the pain the middle class and poor will feel in the next five years. With the perfect storm for inflation, consumer confidence is already waning. The bummer is they may vote Hillery despite the fact the Clintons know very little (or don’t care) about real economics.