"Each $1 billion of trade deficit costs the U.S. 27,000 jobs.
The US Military spends $56 billion a year defending "our oil" in the middle east. The Gulf War alone cost $61 billion!
"When military and energy security factors are taken into consideration, the true cost of oil is as high as $100 per barrel or $5 a gallon. "

So what are we going to do about it?
Obviously we have to change our lifestyle.
In Los Angeles we have to find ways to get people off the roads, and if they have to be on them, burning better fuel. Public transit also needs to be developed to include things like electric overhead cable cars and clean burning busses.
Most automobiles and trucks are capable of running on Bio Fuels like Bio Ethanol and Bio Diesel, all of which are produced in large quantities from plant life and our garbage and added to regular fuel in many states to decrease pollution and global warming.

I propose we make all vehicles capable of running on these fuels and that we force the gas station companies to include a Bio pump at all of their locations. We should be allowed to order a new Ford or Chrysler that runs on Bio Fuel. It shouldn't be hard for them to write the fuel system software so that it would alter the ignition for various qualities of fuel.
If we make a law that requires the gas stations to supply Bio Fuel on a state by state basis we would drastically alter the level of pollution from automobiles and trucks. We can do the same thing with heating oil and aircraft fuel.

We cannot afford $29 a barrel. We have to start using alternative Fuel's now! Even if the price drops in the next few months, back to a sustainable $15 per barrel, the fact that the worlds supply will run out in roughly 50 years should be reason enough to get serious about alternate fuels now!

Reference
Quotes
Biomass faq
Arkenol faq
Carbohydrate..