When it comes to energy, the old dictum has never been truer that "nobody ever wins by betting against the United States." After decades of indecision, America's energy future appears to be emerging, and luck has a lot to do with it.

I may have gone out on a limb, but I have long argued that America's energy future will be served off the a la carte menu from four main dishes -- conventional and non-conventional domestic oil, natural gas, biofuels and electricity. It's always difficult to accurately forecast reserves and supplies, but the United States is a world leader with respect to each of these fuels.

But what's even more promising is that while the prices for traditional and non-conventional oils are rising in price, the price of natural gas prices, biofuels -- ethanol and methanol -- and electricity have been falling. Farmers have been getting better yields for corn and bio-refineries have been able to produce more ethanol from that corn. The United States is now the world's largest ethanol producer, ahead of Brazil. Electricity prices have been stable, with GM and Nissan now selling plug in cars and Toyota planning to do so by the end of the year. In addition, natural gas prices are 1/5 what they were four years ago, and stocks are plentiful. What's even better is that the United States either exports, or is planning to export, each of these fuels, including electricity. Going from the world's largest energy importer, to a significant exporter, is hardly a shift anyone would have forecast a decade ago.

Most vehicles currently on the road can either run on, or be modified to use, gasoline-biofuel blends. Kits are available on the Internet to make those changes. Most cars and trucks using either gasoline or diesel fuel can be modified to run on natural gas. And, while the American electricity grid is ancient, it still has sufficient capacity to accommodate large increases in the number of electric vehicles on the road.

Think of the magnitude of this shift -- today's fleet of vehicles running entirely on domestic energy sources with only minor modifications. In fact, half of all vehicles produced in the United States are flex fuel vehicles, meaning they can use either gasoline or a mix of gasoline and ethanol. Modifying the rest of the country's newer vehicles to operate using biofuels or natural gas is expensive, around $1,000 or so per car, but think about the savings. In 2011, the U.S. spent $331 billion to pay for imported oil -- enough to convert almost 150 million cars to use biofuels and 5 million trucks to run on natural gas. And, once they are converted, everything Americans spend on fuel would stay within the borders of the United States.

A lot of work still needs to be done to make this transition. Environmentally safe ways to drill for natural gas need to be implemented. Pipelines need to be converted to transport ethanol and other biofuels. Changes in franchise laws need to be put in place to so service stations can sell biofuels and natural gas, and service stations need to be outfitted with new pumps and tanks. The electric grid needs to be upgraded so people can charge their electric vehicles even if they live in apartment buildings. And the natural gas distribution system must be able to accommodate people filling up their cars at home. There are companies that will win from these changes and companies that will lose -- and no company likes to be on the wrong side of history. Even so, no company volunteers to go extinct.

But opportunity is this: For the first time there will be a real market for fuels because motorists will have a choice. They can fill up with 100 percent gasoline, when it's cheaper, or with 85 percent ethanol, when it's cheaper. They can use the electric car in town, and the natural gas vehicle for long-haul routes. Choice will be returned to the customer, and prices will reflect that change.

In my view, oil is a 120-year old transition fuel between our 19th century past, which was fueled by coal and steam, and our multi-fuel a la carte future.

The United States is a very lucky nation, especially when it comes to natural endowments. With verdant farmland -- much of it unused -- some of the world's largest reserves of natural gas, and a 120 years of investment in the electric grid.

If the United States quickly employs all these fuels of the future, those who bet against our long-term future will have to pay up.