The world uses about 87mbpd (million barrels per day. 1 barrel = about 220 litres).
The US uses about 20mbpd on average (more in summer and winter due to driving,heating oil).
The US has been able to increase it's oil production to a new high of about 15mbpd by tapping "unconventional oil".
"Conventional" oil peaked back in about 2010 in the World, about 1970ish in the US.The growth is coming completely from unconventional sources. Though unconventional won't last - and you should see the fall-off in the wells. Sometimes 30% after year 1. It's only keeping up due to massive drilling programs when oil was closer to $100.
As congress said it's far easier to save a bit on fuel-economy than move the US to 15-17mbpd.
There's a glut of oil but that's only because the middle east (Saudi's) are trying to kill of the American unconventional oil companies by flooding the market even when prices are low. It probably won't be long until the long-term downtrend catches up with world oil consumption again and oil shoots back to $100+.
America should be filling up it's Strategic Petroleum Reserve at these prices.
More from a waste and pollution point of view - cheap oil is very bad for the future of humanity - like 50,100+ years. Future society is going to look back at our wasteful lives and feel pretty angry. Agriculture, shipping, medicine, plastics, flying - for some things oil has few substitutes and one day there won't be sufficient to run everything.
When oil went to $140 a barrel before you have people in the West complaining about the cost of fuel for their Hummer or equivalent. But in the Phillipines you have people who on a $5 wage can't buy oil to cook food for their children eating un-cooked meat, and in West Africa they couldn't afford oil to run their power stations to have even a simple standard of living.
Anyway I like Tesla / Elon's vision - and his ability to push it into reality. Massive solar + Massive batteries + Electric transport. If he can make a true "solar-roof" and revolutionise the roofing industry through it (as he mentioned on the SolarCity call) then that'd be a big step to a more sustainable planet.
I've got solar on my house. Since the panels were fitted 18 months ago. LG's best panels have gone from 285w to 340. Sunpower have 350w panels. SolarCity's tech will be about that too. You can't go much beyond that without getting into ridiculous costs - but at that density (250w/meter) you only need a reasonably big roof to run your car+house (dependent on insolar radiation in your area) - at least in Spring-Autumn!!
Note I live in England and it was worth it to get solar installed as our "Feed-in-tariff" was going to be cut. It actually pays for itself in 6 years. It cost £5200 for 4kw. We have a guaranteed income for 20years from the government at 13.5p/kwh - about £500 per year + our own electric saving + free hot water (as it also runs our immersion).
Some people will look to electric cars to be part of that future - and have an exciting car.
Others will have 1st world problems of their "diamond earrings scratching their iphone", or go over their paint work with a microscope looking for issues and miss the bigger picture.
