I don't think that most of us would disagree that efficiencies can be improved. I think that we do that voluntarily however, unless and until we have some sort of supply disruption.
I find that I drive a bit less aggressively and drive less, with no joy rides in my Yukon, but oil supplies availability will remain good for as long as I can see into the future.
Russia is bringing more to the market, and has plenty of excess capacity, as do Iraq and of coarse, the U.S. has been sitting on some as well.
The reason the price has spiked is not because of a shortage of oil, it is because of a shortage of production to match increased demand that came on too fast from China and India. Military needs also came in to play.
That covers the legitimate increases, but at least ten bucks worth belongs to trader manipulation of market fears.
Venezuela, where we get a large share of our oil is in limbo as far as future stability. Rigs were damaged by bad weather last year and some speculate more of the same coming..(global warming freakazoids)
Anyhoo! The prices will remain high for a few more quarters. We are tolerating it well, and I suspect the democrat socialists are once again eying gasoline as a revenue base once again in the U.S.
We have barely taxed it in comparison with other countries. We believe the growth is more important, and it would cause inflation, but we are not as dependent on petroleum distillate as we once were.
As for Natural gas, I suspect well over 90% is still in the ground. We will have plenty until we can get the anti-nuke groups out of our way and build some more nuke plants. We need to develop other ways like hydrogen, and we are working on it.
So, it really is not as big of a deal as some believe. But don't look for the controversy to go away. It has been this way since the 60's.
Excellent post.