The Future Of Oil

The Economist predicts the end of the age of oil is within sight.
October 28, 2003, 11am PST | Chris Steins | @urbaninsight
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"According to one American government estimate, OPEC has managed to transfer a staggering $7 trillion in wealth from American consumers to producers over the past three decades... The final disguised cost of oil is the damage it does to the environment and human health... The only long-term solution to this connected set of problems is to reduce the world's reliance on oil... The best way to curb the demand for oil and promote innovation in oil alternatives is to tell the world's energy markets that the 'externalities' of oil consumption—security considerations and environmental issues alike—really will influence policy from now on. And the way to do that is to impose a gradually rising gasoline tax."

Thanks to Transport-policy Listserv

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Published on Thursday, October 23, 2003 in The Economist
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