Energy prices question?

Question

Could a technological breakthrough in the production of fuel using algae cause the price of oil to drop as oil speculators see a viable alternative on the horizon?

Answer 1

It could, but the problem is not just coming up with a new technology because the technology already exists.  The USA burns something like 140 billion gallons of gasoline a year, plus diesel.  The only way it would reduce the price of oil is if we could make enough of it to have an impact.  It would probably take many years to even start to make a dent in our gasoline consumption.  That was one of several problems with ethanol.  In the mean time oil should stay much higher that it has in the past, at least for some time to come while we look at alternatives to traditional oil.

Answer 2

It would be amazing if it did; however, I believe that the price of fuel will not lower due to foriegn import prices will not lower. In all reality, it will probably rise because of the lack of demand.

Answer 3

not in your lifetime

Answer 4

Yes, anythings is possible