A CBS Evening News story last night discussed the recent boom in domestic oil production that's been brought on by rising prices. What I found interesting was that, according to the article, that two thirds of oil produced in the US comes from independent producers, and that many abandoned oil fields are still 60% full:
This brings up an interesting scenario for the US:
- High oil prices persist for the next 5-10 years
- Domestic production increases significantly
- A mixture of solar production and plug-in hybrids reduce oil consumption significantly
- The US arrives at 100% domestic oil sustainability--i.e., no imports
Don't know if it's really possible, but it sounds great to me.