“…[T]here is a growing body of evidence that a decline in world [oil] production is likely to occur in less than 20 years. As the peak in production approaches, prices will begin to rise and the United States – consumer of 25 percent of world output – will have to quickly shift to new energy sources to mitigate the impacts on its heavily oil-dependent economy.

Two decades is precious little time for such a sweeping transformation, a point few decisionmakers appreciate. The time to formulate policies that encourage more efficient oil use and a switch to alternative energy sources is now. The transportation sector, almost totally dependent on oil, will be especially hard hit. The good news is that only a few simple, though bold, policy changes are needed to ensure a smoother transition.”