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.