According to the law of supply and demand, as demand for gas decreases (as from improved efficiency of vehicles) the price of gas should drop. However, this can be significantly effected by what OPEC decides to do with production levels. They may produce less oil for fuel in an effort to keep prices higher. Or, as the supply of oil globally continues to shrink and suffer from instability, the price may still fluctuate. Fortunately, though, as cars begin to see ratings of 200 mpg, dependence on oil will lessen and the price of gas should have a reduced significance in our lives.
Yes. If the typical vehicle gets 200MPG, then the oil industry would have to increase the price for a gallon of oil. This is because a typical vehicle with a 20 gallon gas tank would not need to fill up more then a few times a year. Which would be great for the environment, but the oil industry would take a huge hit financially. Which they should probably get since the amount of money that is claimed by that industry is enormous.
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