New energy sources could make petroleum obsolete. Automobile efficiency could be increased to 92 mpg, light truck mileage to 66 mpg. This could be done with lightweight construction and hybrid vehicles. Better aerodynamics and materials could greatly improve the efficiency of 18 wheelers and jetliners. 20% of fuel could be replaced with biofuels.
This would only require a $180 billion investment that starting in 2025 would save $155 billion every year.
Newsweek had the complete article at the above link in their 8/8/05 issue.
I believe they had the numbers to put this plan together. When are market forces and our legislatures going to put it all together? Maybe by 2025. This article makes it sound so easy. Wouldn't it be nice if we could just wave a magic wand. Even if all their assumptions were right, which I don't dispute, some of the technology would take until 2025 to be fully developed. I hope the hybrid vehicle part comes true a lot sooner and that biofuels are ramped up by that date. The general population and industry are going to have to have a bigger shock than we have had so far in convincing them that the oil shortage is permanent.