Liz, in what year do those projections have us at $8/gal?
#18 | Posted by BloodSacrafice
We should have already been there, except a couple of new developments happened in the past 10-20 years that changed the equation.
1) hydraulic fracking. this is mostly for gas and shale gas.
2) horizontal drilling. Used to, you could only drill straight down. Now you can drill down and at an angle and even horizontally.
Both of these technologies have opened new reserves previously thought unreachable. The end of oil production is still coming because oil is finite (as is gas and uranium), it has just been postponed for a while.
Gas production will continue longer because the US has shit-loads of gas, but the infrastructure is not complete enough to switch over to gas. That switchover will costs trillions. To develop any new infrastructure, ethanol, cellulosic ethanol, gas, hydrogen, fusion reactors, solar, wind, etc... is going to cost trillions.
As a side note, I'm sure most of you don't remember, but in 2008, right before the economy crashed, do you remember what happened? Gasoline went from $1.75/gal to $5/gal in a matter of months.