Thought Experiment: Science/Economics
If the rising price of oil continues, eventually it will drive the discovery or invention of a petroleum-gasoline substitute—one that is actually comparable to gasoline (as in, is as easily distributable, generates equivalent energy for about the same price, etc.). Although my value of "eventually" in this case is probably somewhere in the $8-$12 per gallon range; as much hand-wringing as we're seeing, I still don't see any real moves away from driving. And to switch over to a different fuel will mean that the energy companies will have to completely retool (a massive investment) and the car companies will have to completely redo their factories (a massive investment), so none of them will be terribly interested in moving away from gasoline-internal combustion engines anytime soon.
At any rate, the thought experiment/question is: If/when we have that substitute, say 25 or 50 years from now, will people look back on the George W. Bush administration as having caused this gas-substitute's discovery (much as the Watergate scandal seems to be the driving force behind campaign finance reform, or the Triangle Shirtwaist factor fire drove labor reform), or will they credit growing global demand and increasing commodities investing/speculation?
At any rate, the thought experiment/question is: If/when we have that substitute, say 25 or 50 years from now, will people look back on the George W. Bush administration as having caused this gas-substitute's discovery (much as the Watergate scandal seems to be the driving force behind campaign finance reform, or the Triangle Shirtwaist factor fire drove labor reform), or will they credit growing global demand and increasing commodities investing/speculation?