Study: Oil demand will peak before supply runs out

Hughes is not alone in predicting that fears over peaking oil supplies are largely unfounded, on the grounds that economies will find replacement sources of energy at a faster rate than the oil industry expects.

Let’s hope so. Because that will mean we’ve switched to a renewable energy, non-petroleum-based economy.

BP and Verenium form cellulosic ethanol venture

Energy giant BP and Verenium Corp. of Cambridge [MA] said they have formed a 50-50 joint venture to develop and commercialize cellulosic ethanol from non-food feedstocks as advanced biofuels.