We’ve heard a lot about the natural gas revolution lately—you know, the immense resources of gas just waiting to be fracked out of places like Pennsylvania and Western Canada, not to mention parts of China, Europe and Central Asia.
There are literally trillions of cubic feet of the stuff locked away in rocks under the surface in the U.S. alone. However, the extraction and environmental costs will be huge. It’s the same deal with shale oil, which requires much refining.
With gasoline prices heading north of $5 a gallon, Americans (at least some) will continue to trade in their SUV swizzlers and vans for smaller, more fuel-efficient cars. And they will be driving less. So oil imports will be reduced—a trend already happening—and so will greenhouse gas emissions, slightly.
But gasoline prices are determined on the world oil market, and they will continue to rise as functions of supply, demand, geopolitics and speculation. The biggest factor will surely be rising demand from China, India and other developing countries. One blog claims we presently use three billion gallons of gasoline a day on this earth.