Quick Fixes Won’t Solve Looming Oil Crisis, Scientists Say

With the cost of oil at or near record territory and gasoline prices hovering around $3 a gallon, the government is advocating new measures to sooth growing public concern over rising prices at the pumps.

But the fixes are only temporary and largely symbolic, scientists say. They will do little to address the more serious threat of what will happen when demand for oil outstrips the ability to produce it.

And that’s an inevitable problem that could be just around the corner, though nobody knows exactly when it will occur.

In a speech earlier this week, President George W. Bush recommended pushing back deadlines for the transition to cleaner gasoline additives such as ethanol, ramping up the number of oil refineries built, and temporarily halting oil shipments into the nation’s petroleum reserve. Each of these recommendations is aimed at making more gasoline available to consumers.

LiveScience