Iain — Venezuela, Iran, and Russia are indeed being hard hit by falling oil prices and that is good — the less discretionary income they have to spend on terrorism and other mischief, the better. So let’s consider what we can do to keep prices lower, longer.
I’m not proposing we “replace” oil — only that we add to the overall fuel supply and spur the creation of a competitive fuel marketplace. Then consumers can choose which fuels to buy. Most will decide based on price alone. Some may decide on national security grounds or because they’d rather their fuel dollars go to farmers (ethanol) or coal miners (methanol) rather than to mullahs, sheiks, and tyrants.
I like beef steak but if most cowboys were members of al-Qaeda, I’d probably buy lamb instead.
Meanwhile, the fact that consumers can buy lamb, pork, and chicken helps hold beef prices down. IMHO, this should be the goal for fuel as well.