Illinois researchers concluded from a “detailed land analysis” that cultivating biofuel crops on available land “could produce up to half of the world’s current fuel consumption”. This is America.
It is known that China, while having started 30 years later, has also been making heavy investments to become independent from oil. But popular and highly regarded newspapers still make that look like a silly path to follow. (“wsj – China and the next american century, 12/21/2011). The space race has been replaced by the alternative energy race to become the first country independent from oil.
Bottom line: how far off are we from becoming independent from oil? Oil speculators should be reminded about the ongoing researches and keep up to date with progress.