To put it simply: Because our economy runs on the stuff. If we did not need it, it would not be highly profitable. If it were not highly profitable, we would not fight wars for it. Below is a video that articulates this well.
500 miles per gallon of fossil gasoline is an interesting point. And achievable with the technologies we have today. I, however, prefer to drive my (solar powered) electric vehicle for most of my driving.
If we drastically reduce our use of crude for transportation, we'll be able to use the remaining supply for fertilizer, plastics, and all the other petroleum based things that we depend on until better alternatives can be found for all of these.
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