RE the oil price: at status quo, prices will go up, since Chinese and Indians are learning to spend like Americans.
But if the US spent 8 trillion scrapping its entire auto fleet, that would probably have a chilling effect on oil prices (incidentally making the entire effort less meaningful)
Oil prices will continue to rise in the long term because Oil reserves are finite, prices reflect cost to extract a barrel or oil not the cost to produce a barrel of oil.
And people forget that oil has another important uses that aren't related at all to energy, it is used as base material for a most plastics, lubricants and so on.
But if the US spent 8 trillion scrapping its entire auto fleet, that would probably have a chilling effect on oil prices (incidentally making the entire effort less meaningful)