A recent article by the Economist explains that given consmuption rates and production rates, we are out of oil. Figures released by BP clearly shows they are having a really hard time keeping up supply for demand. Even in 2010, production was 5 million barrels short of oil per day!!! They had to go to reserves!
What does this mean? We are at the tipping point of oil.
Others might think that if we drill, drill, drill we will find more oil.
To what find oil everywhere and not care about the consequences? I mean just total extinction? We are at the precipise if nothing is done larger than its scale now.
You think first, well there is sustainability and corporate understanding but it’s not working.
Emerging markets such as China and India will for a long period of time, increase their number of cars on the road; thereby increasing their demand and reducing the total supply of oil.
Now, we have one million Toyota Prius in the world but President Obama wants 1 million EVs or electric drive technologies. Well we have that and supply is still exceding demand for hybrid cars. We need more cars to be hybrid for starters.
It’s unbelievable but Lincoln is still beyond belief that their MKZ Hybrid electric car is doing so well. I bet the other companies out there are still not understanding what is happening but it is true. The free market does want more than a 40 mpg car. We are going to need more. The Volt does go around town for 120 mpg.
The Volt is the next step but also we need bio fuels too. Cellulostic ethanol is a great start since it has the best fuel economy and emission cleanup per mile for each car in America.
Some will now argue that refineries are not being expanded upon to refine the oil.
Again, the problem is supply is STILL exceding demand.
The article from the Economist states that it was from a BP report on meeting up with production but more importantly it’s the oil market realizing things are tough for their business.
I’ll suggest again and will continue to recommend all car companies need to offer every brand of car they create have a hybrid electric, plug-in electric or purely electric option. Battery prices will come down and overtime they will be cheap enough to fully manufacture them in the United States or the county the people live in.
It’s Time. Let’s do this.