40 Years From Now, Will We Still Be Addicted to Oil?
This week marked the 40th anniversary of the 1973 OPEC oil embargo, when Saudi Arabia and other countries cut off oil supplies to the United States and quadrupled prices. There has been a lot of talk about what happened 40 years ago.
But what about the next 40 years?
It is a daunting task to break oil's monopoly. The Energy Information Administration projects that oil and related products like diesel will fuel 92.4 percent of our transportation sector by 2040, down from 97 percent last year. Even incorporating a $25 price on carbon emissions, oil's share in 2040 would still be 91.2 percent of all transportation fuels.
Yes, we're less dependent on foreign oil. But as long as we still use oil, we will be exposed to risks in the international oil market—and that's still subject to influence by OPEC.
P.S. Take a look at National Journal's New Energy Paradigm series.
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