TIPPING-POINT FOR GLOBAL OIL

ScienceDaily reports that the world's capacity to meet projected future oil demand is at a tipping point, according to research by the Smith School of Enterprise and the Environment at Oxford University.

It says that the age of cheap oil has ended as demand starts to outstrip supply, that current estimates of oil-reserves should be downgraded from between 1150-1350 billion barrels to between 850-900 billion barrels, and that we must accelerate the development of alternative energy fuel resources to ensure energy security and reduce emissions. But the oil-shortage cannot be mitigates with biofuels; there is not enough land.