Art you are so right:We have almost or nearly reached the point where half the known oil reserves have been used up. The powers that be have predicted that at that point the price of oil will rise. Just think about the rising economy in China and India and how many people they have to put to work over there in the Far East. They are now using more oil than ever before. We have a supply line curve that's diminishing and a demand curve that's increasing daily. We need to start looking hard at alternative energy source unless we want to return to burning wood to stay warm and to light our campsites. The entire world runs on oilWe need to secure what oil is left for ourselves if we want to continue to be a super power. The way we are gussying footing around in Iraq is not getting the job done. Iraq has 25% of the world proven oil reserves. The Saudis have 50% while all the other countries combined have the last 25%. Now maybe will will discover more oil but don't count on it. We need to plan for a would without oil someday. That day is getting closer and closer.The EXON's are going to get their money while they still can because once the oil runs out they will have to find a new way of making money. They will earn all they can while the getting is good unless government steps in to stop them soon. So far that's not happening.We have spend billions on Haliburton and what do you we see? Gasoline heading up to $4/gallon in the future.
Quote Originally Posted by artcarney_agr View Post
It's only going to get worse guys. It's estimated that oil supplies will be used up around 2020. Do a little research on the "peak oil" phenomenon and see what it's all about. I hate to see it happen, but we can't go on forever using petroleum based products the way that we do.

Ethanol and bio diesel are going to become more and more prominent as gasoline prices continue to increase. The only drawback to these alternative fuels is that it takes a lot of energy to produce them, so it's not a cheap fuel source right now - it's kind of like recycling in the fact that it costs just as much to recycle as it does to use new materials.

The U.S. has been trying to push the use of alternative fuels since 1992 with the Energy Policy Act of 1992. It consists of credits for use of bio diesel and ethanol when a 20% reduction in the use of petroleum based products is achieved. It's a step in the right direction, but what is conserved is merely a drop in the bucket - it's going to take major cooperation from all industries (especially airlines) in order for a real difference to be seen.

If you don't believe me that the oil reserves are diminishing, look up Dubai and see what all they are building there. It's ridiculous! The prince of that country knows that his oil is quickly being used up, so he's trying to build up the tourism over there as a backup plan when the oil does run out. They've built islands that look like palm trees, and built islands in the shape of the world with all of the continents - for a small fee you can buy your own island or "country." It's crazy!

Sorry for spilling all of this info, but I did a research paper for a transportation class this semester on the topic.