Oil Alternative

Thirty years after the “oil shocks” of the 1970s signaled the end of cheap, reliable supplies of oil, the global economy is still dependant on petroleum. And despite billions of dollars in research grants and government subsidies, no oil alternative source has yet been developed to replace it. Now, with oil prices at $60 a barrel and supplies tighter than they were 30 years ago, analysts, scientists and businesses working to develop an oil alternative say it will be decades, at least, before the global economy’s reliance on oil can be broken. An oil alternative must be of paramount importance if this country is going to survive the depletion of the world's oil supply.