A survey by researchers at the University of Michigan has revealed that we may be slighly more optimistic than realistically practical when it comes to world oil reserves.

The reasearchers claim that the price of a gallon of gasoline will be $4 a gallon within 8 years and somewhere a little above $5 a gallon by the year 2020. Seems a little conservative, right? But no worries, the survey revealed that we should be okay because within those 13 years, mileage for cars will have improved to an average of 38mpg, with trucks improving to 31mpg. In little over a decade, we'll have done very little to improve the efficiency of our transportation industry. And yet, this is all supposed to be comforting.

The survey did find that potentially more than half the U.S. fleet will run alternative fuels by 2020. This is promising; but as one researcher noted, "The auto industry may be operating under a false - and potentially fatal - assumption that fuel economy is not a high priority.''

I wonder what variables this survey took into account? Nowhere is anything mentioned about the rise of automobiles and fuel consumption in China, India, and other developing countries. Global Warming aside, I wish there was more of a push by automakers to increase fuel economy in expectation of higher gas prices. Going from an average of 27mpg today to 38mpg in 2020 is unacceptable. Much like the price hikes of the past couple years, I think we're in for an incredible sticker shock down the road. Brush up on your hitchhiking skills.

Link: Gas Prices Will Pass $5/gallon by 2020