I'm not a big fan of social engineering through taxation, but this is an instance where market forces driven by often foolish and wasteful consumption will adversely effect food, transportation and most consumer goods prices in a relatively short period of time at income levels that can least afford it. If I had any confidence in the US public that can afford much higher fuel prices derived purely from market forces to substantially change their material lifestyles I might feel differently about increased taxation, but given many of the posts in this thread seeking more dribbles of oil to resolve an insurmountable problem, my lack of confidence in that public seems justified.

Place a substantial consumption tax on fuel now and direct the revenue to alternative energy sources R&D in a Manhattan Project style effort. The longer we wait, the more economic damage we're going to experience at the consumer level which drives our economy. At some point in the near future we're headed towards much higher fuel prices from market forces and a required general increase in taxes including fuel, which will be traditionally diverted to the general fund for politicians to buy votes through distribution of public money to special interests. By then, there will be no way to correct our consumption level other than economic disaster.