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Originally Posted by $5 submissions
ON THE POSITIVE SIDE: if the elevated oil prices persist for a LONG time, this may give cleaner, safer, and more renewable energy sources to become cheaper and hit IRREVERSIBLE economies of scale. Once those economies of scale are reached, alternative fuels become so cheap that fossil fuel become just that... A FOSSIL, a relic of the past.
It's happened before... WHALE OIL gave way to kerosene and other oils. Same will happen with FOSSIL FUEL if prices remain high for long enough. It would have sown the seeds of its own destruction.
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Gene, it's very true. The rising cost of oil and new technology will make alternatives more viable. The problem is, no other energy source comes even close to oil. It's going to be a very painful transition.