Essentially the only fuel used for transportation is oil, and the amount of oil imported from foreign sources is currently more than 80% of the amount of oil consumed in transportation in the US.While the established trend of growth in jobs in the US is about 3 million per year, over the last 3 decades disruptions in oil supply have interrupted this trend and account for perhaps as many as 45 million jobs that were not created. Continued dependence on geopolitically unreliable supplies of transportation energy is unacceptable. The problem is aggravated by the accelerated demand from Asian countries, especially China and India.

Already substitutes are emerging. Hybrid vehicles can reduce by a half the oil consumed per mile in cities. Lighter vehicles made from composite materials instead of steel can reduce oil consumption even more. Compressed natural gas could be an alternative to oil without significant change to the internal combustion engine. There is talk of a hydrogen economy.What about biofuels instead of oil? Can transportation be electrified? What will be the impact on oil demand if transportation needs are satisfied by a mix of fuels instead of only oil? What will be the implications for hydrocarbons if global climate change is convincingly linked to CO2 emissions?

This talk explores these questions and how they may impact the demand for oil and gas in the future.

End_of_Record - Last_Page 29---------------