Bush acknowledges peak oil, sort of
At a summit yesterday, President Bush told Middle East leaders that they need to get ready to diversify, because the oil days are coming to an end. Although he was referring more to the mass movement to find alternative fuel vehicles, and the movement's economic impacts of that on oil-rich nations, he seemed to be hinting around at the concept that oil is a finite resource. Whoa, that might be as close as he ever comes to saying the magic words: peak oil. The warning to Mid East leaders might have been simple rhetoric, since they obviously already knew that the world would not be dominated by gas-guzzling SUVs forever. But, what's interesting about Bush's remarks is that he actually seems to expects some major changes to occur. Whatever administration takes over after this one, its environmental agenda will almost certainly be far more aggressive. With biofuel production growing by leaps and bounds, and a wave of electric cars in 2010, is it possible that we'll see dramatic changes in US oil consumption over the next 5 years?
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Reader Comments (Page 1 of 1)
5-19-2008 @ 6:21PM
John said...
Yes, we will see major changes in the consumer car fleet in the next five years. It's called supply and demand based on the free market price of gasoline.
People are now flocking to small cars and the market its taking care of itself. Not because of a bunch of useless government laws like CAFE, or the radical left berating and attempting to shame people (which BTW doesn't do anything except make mainstream people think environmentalists are a bunch of wackos), but consumers responding to high prices and making more economical choices.
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