I think not. People have a fundamental need to "see it in the flesh," and that will never change. As oil becomes more scarce, the bar will simply go up on business travel, and all air travel will once again revert to an elite, unusual activity, rather than the common activity it is today.

Try to have a teleconference with one of the nationaol oil companies in India. They will laugh at you and wil not take you seriously as a supplier. They may even blackball you for 3-5 years.

Teleconferencing is great for domestic/European meetings (I've participated). But the 2nd and 3rd world requires my presence. I will send any of my employees anywhere in the word if my customers request it. Even if I lose money. The goodwill created by presence, by actually being on the ground, breaking bread with these guys, is more than worth it.

And I still travel for internal reasons. Our Norwegian facilities and personnel are incredibly capable as their main market is the North Sea, an incredibly regulated marketplace. Problem is, they assume my US manufacturing is to Norwegian North Sea specs.

It's not. It's not worth the cost. US market demands a Chevy. Norway demands a Ferarri. I can build a Ferarri easily. If I built nothing but Ferarris I would destroy my domestic market share.

So I get to go to Norway in January or February to visit multiple facilities to explain the differences. We've been trying to explain this by email and phone for two years to no avail. We still lose money or break even at best on Norwegian bids as they don't understand this.  I'll pound it home soon enough. Face to face. In meetings and over a few beers. It's worth it.