First off, I can't trust people to be driving 90 mph down the interstate nearby, I really don't think going even half the speed of sound would really be that much better
Definitely not .. nothing to do with my argument above, of course
As for fuel economy, your 10k "production car" wasn't a production car. It was a purpose built vehicle for the Michelin Eco Run.
Err .. I never said it was: my point was the relative performance of a standard vehicles versus extreme vehicles designed for speed and for fuel economy. I was showing that, despite the technologies being available, standard vehicle performance is WAY closer to the speed extreme than to the fuel efficiency exteme.
To bring up the final point, cutting off the fuel will not and does not work. Much less actually cutting the DEMAND for oil. How could you pull that one off?
Err .. by using oil more efficiently
Think of how many things today are actually made from oil. Fuel is just a small percentage.
I wouldn't call 35% small ..
Plus, the part of oil used to produce gasoline / diesel is different to that used for the bulk of other oil products - largely because, these products were created to use the by-products of transport fuel production, i.e. the rest of the oil.
Cutting [oil demand] in half will devastate the entire world economy. Prices would go through the roof .. afford the $12+ per gallon cost for fuel
If you cut demand for anything - including oil - it results in a
downward pressure on prices. It's simple demand and supply. If you cut gasoline / diesel demand by 50%, prices would
drop toward $1 per gallon not rise toward $12.
The fact that you'd still be extracting oil for all the other oil products would actually increase the
downward pressure on gas/diesel prices (in the short to medium term) as you would still be extracting parts of the oil used for gas/diesel production despite not having a market for them. In the longer term, these parts of the oil would most likely be used in place of other parts, however that would lead to an
overall reduction in demand for - and hence, the price of - oil.
Also, any fall in demand (and consequently, price) for oil would be
great for the global economy: history shows that cutting fuel prices has an extraordinarily positive effect. There's an argument that the 90s boom was largely due to the low, low oil prices produced by the 10 year deal between Bush I and the Saudis following the first Gulf war.
The Saudis increased production from around 5,000 barrels/day to around 9,000 barrels/day and oil prices fell from around $70/barrel to around $25/barrel. In demand and supply terms, increasing production has
precisely the same effect as reducing demand.