Questions about the financial crisis?

[NJ5]

steven787 said:

NJ5 said:

"When the U.S. starts shifting away from oil"

When do you figure that could happen? I'm highly doubtful that people will move away from oil until they really have to (due to high prices). Therefore, I doubt there will be any sudden, sharp and long lasting changes to the price of oil.

U.S. demand for oil has already fallen due to high prices, but I don't think it was a permanent change... Since prices already went down a little, people will forget about conservation and will keep guzzling gas.

The recession should also be mentioned though, and this is something that can defniitely put a dent in oil demand due to slowing businesses and people getting poorer.

 

 

He was asking about long term, I think. It wasn't very clear. I meant 20 years from now if we shift to a new technology.

I don't think it's possible for such a shift to happen that long from now. I don't see oil production being high enough until 2028 to sustain a business-as-usual scenario in terms of energy.

20 years is an awfully far point to make predictions for though.