And if cars switch from oil to electricity, the demand for power generated from carbon-free sources will increase still further.
In the 1970s industrial users could switch to oil or electricity, and utilities had other choices, including coal, hydroelectric and even nuclear power.
Much of the avoided energy consumption will come from the switch to carbon-neutral district heating (rural households will switch from oil, natural gas, and electric heating to heat pumps and biomass burners).
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Beyond mere price, there are substantial environmental benefits in a switch from crude oil to natural gas.
The result could be devastating: Greenbacks would depreciate quickly, forcing even other oil-rich countries to switch to more stable currencies.
The humble train is getting a boost from record oil prices, as companies switch out of planes and cars and into Europe's rail networks.
These oil fields have no oil coming out of them, but they have refineries and everything sitting on top of them so that it only takes a flip of a switch to get the oil flowing.
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Incidentally, Wendy's rival McDonald's had pledged four years ago that it would switch to a type of oil that cut the level of trans fats in its fries by half.
The Israeli government said this afternoon that it did not expect any interruption of electricity supplies as the country has gas in storage and can also switch to other fuels like oil and diesel.
Incidentally, Wendy's rival McDonald's (nyse: MCD - news - people ) had pledged four years ago that it would switch to a type of oil that cut the level of trans fats in its fries by half.
No doubt investors will carefully gauge consumer reaction to the switch to trans-fat free oil, particularly on the taste on its signature fries.
Perhaps it could also switch to producing gas instead of oil.
It gets 48 miles per gallon and can switch at any time between using veggie oil or diesel for fuel.
Cotton could also take off, he says, as clothesmakers switch to natural fabrics to avoid the rising cost of oil used in synthetics.
The idea is that Americans could switch en masse to natural gas vehicles, and the country could stop importing so much oil.
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