Brazil is already using ethanol, way ahead of the curve. U.S. European countries and China will be most devastated. Undeveloped countries will still be poor, just poorer. But if they continue to price us out of the market to the point where we can't afford it. We WILL come up with something else. Trust me, Americans are torn between dependence and loving their cars and not wanting to be customers any more. It's a shame too. If the would have just stuck to providing a service and treating the world market like customers, instead of trying to use their supply as political leverage, we would probably do business with them forever....but I feel the end is near. Still don't understand why we can't produce synthetic gasoline in bulk.
I think we can, but it isn't economically feasible with crude oil less than $150 a barrel. When the price of oil goes up, then the alternatives will come online.
The US? We have more than anyone. There's more here than Saudi Arabia, Iran, Iraq, Russia and Kuwait put together. We just don't go after it. I've often wondered if the US's energy policy has been more one of "wait and see", rather than, "go and get". I mean think about it. We might pay more now sucking up the rest of the worlds oil, but when its gone? Who's gonna have the ultimate power? Food for thought anyway.
I just found a 1944 dime in circulation (90% silver) and realized it must have been nice to trade money that meant something.