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Any economists?
So a discussion about alternative energy erupted in my political science class this morning and it got me thinking.
Let's say the U.S. govt switches over to and requires viable alternative energies tomorrow and we finally have a solution to wane our dependence on petroleum based fuels (domestic, foreign, doesn't matter). From a supply and demand perspective, say 15 years from now those people with petroleum fueled weekend, hobby, classic, or even daily drivers cars. The supply would essentially be very little, but we could be left with a surplus (being optimistic). The price for gasoline would be astronomically higher to what we pay currently because the demand just isn't there any more, correct?
Any thoughts?
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