Oil hit a new high of $142.99 yesterday on the New York Mercantile Exchange and OPEC President Chakib Khelil predicted that the price of oil will climb to $170 a barrel before the end of the year because of the falling dollar. This is not an optimistic outlook on the near term future for energy. However, I do have some optimistic outlooks.

As people feel pain at the pump, engineers and entrepreneurs are figuring out ways to provide a cheap, low-cost, efficient alternative to gas guzzling vehicles and how to develop an alternative energy source for homes and businesses.

I’ve already mentioned the Progressive Auto X Prize competition that has a $10 million dollar award for the company that develops and produces a vehicle that can achieve 100 mpg and have a marketability to sell to consumers. The X Prize Foundation is also planning other contests for energy and environment that will make big impacts on the world.

Over the last year as oil prices have risen, I have seen more and more solutions from different companies and individuals. New innovations are coming more quickly and will push forward to the market faster as oil prices rise. I feel like we are on the tipping point and something huge is about to happen. The world as we know it is about to change, and it’s going to be for the better. Once the price of oil has hit a price where consumers can no longer take it, they will break…and that is when the alternative energy revolution will begin.

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This entry was posted on Saturday, June 28th, 2008 at 2:12 pm and is filed under Oil. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.