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Rational Plan3
In the future if high oil prices continue, then things will be different. I don't think you will see that big a decline in car use, just the disappearance big engined cars. I'm not sure if electric cars will break out of narrow niche. But even a 20% decline in car use will make a massive difference to congestion. Bus use would soar in such a scenario maybe even be profitable. With such a decline in traffic there would not be much need for bus lanes anyway.
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In the US, since the 1967 Arab-Israeli war, where the sum of domestic oil production barely met internal demand, politicians of both stripes have tended to act like raising an oil/diesel tax is political suicide. And, IMO, this trend has steadily worsened in proportion to the declining ratio of domestic production divided by total consumption.
I am not as confident as you appear to be that our auto centric culture can be preserved via smaller engined cars and electric power/hybrid vehicles. Perhaps if the 'real' median income of the car driver were to be maintained at 1995 levels and if we did not have our current debt at all levels we could work and borrow our way towards converting our 230 million + vehicle fleet efficiently. IMO we will not have the political and business will to forestall a collapse into 2nd world poverty over the next 10 to 20 years.
The ruling class in the US, at this point, has not decided en masse to support any serious course correction in transportation policy. I suspect that this is the result of their making too much money the way things 'are.' This applies to everything from international policy to big box stores, fast foods, the larger corporation side of the oil industry, the processed food industry, the gasohol industry, etc.
But, we never-the-less must keep talking about making the national infrastructure (highways, airports, public transportation, etc.) we have (or will soon have

) work more efficiently.
Maybe we are like someone who wakes up at home, after a long and glorious party, and are still in denial about it being over. Maybe we are truly being manipulated by those who already have estates overseas to move to... Maybe we are just 'stupid' and refuse to see the handwriting on the wall...
I do not know.
But, regardless, more and more of us need to start thinking practically about moving both a larger number and a larger percentage of us with less auto centricity. Solutions have to be low dollar improvements, where all parties- from real estate developers to the average tax payer- sacrifice together.
Which we are not doing, yet...........
There are just going to be more of us who will need to get to work, to school, to entertainment, and, to buy food, etc. And investing $1 smartly today will save $100s down the line.