Despite the huge (and justified) environmental controversy over extraction of oil from shale, vast new discoveries of fossil fuel reserves are buying time for the development of renewable energy sources that can be financially rewarding. .
The government has signed agreements with the auto industry that will greatly improve fuel efficiency from 2017 to 2025 model year vehicles.
Ford alone expects to be able to produce cars that will save 200 million gallons of gas each year. General Motors hopes to use waste heat from auto engines to increase fuel efficiency and reduce fuel consumption by up to 380 million barrels a year.
The Department of Energy is supporting research that promises to deliver a car battery capable of operating 300 miles before needing recharging at a cost of one-third of what it costs to recharge today.
Yergin advances an encouraging argument that energy efficiency -- more efficient vehicles, buildings, appliances, windows, televisions, factories, offices -- will help save us. "It is hard to conceptualize and hard to mobilize and yet it (energy conservation) can make the biggest contribution of all to the energy balance in the years immediately ahead."
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