Oil Price Bubble?

Around the world, except for the Middle-East, there’s a bubble building up around oil prices (and real-estate costs). Oil prices are rising, like never before. And the world is worried.

Futures speculation has created frenzy, unless you are driving a Prius. Supply fears have sent oil past record $135 a barrel, likely to reach $200 soon.

So, how much would it cost to convert the entire U.S. fleet of passenger cars, which collectively burn 40 percent of the oil that we use, to electric cars?

Zero dollars! Instead of spending $400 billion each year for importing oil, the US could spend it on electric car production locally. Atleast, that’s what Philip Greenspun from Harvard thinks. A bit far-fetched I feel, but a creative outlook none the less.

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