It is highly debated if we have already hit peak oil or if we are still on our way to it. Once we begin to feel the pinch of declining oil reserves prices will go up. In general, when prices go up, demand begins to trend down. One of the ways this will happen is that people will drive less to save money. Another downstream effect of higher oil prices will be a move to more efficient cars like hybrids, electric cars or maybe even hydrogen powered cars.
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