Controversial American writer Jeremy Rifkin has forecast that the present generation will witness the end of the oil era. The chief of the Washington-based Foundation on Economic Trends indicated that the world will have used over half its oil reserves by 2027 at the latest or between 2010 and 2020 at the earliest. Rifkin has urged world leaders to focus research and investment on developing renewable energy to usher in a third industrial revolution following those involving steam and oil power. He predicted oil might soon cost over $90 dollars a barrel, blaming Hurricanes Katrina and Rita on global warming and the ever-increasing consumption of fossil fuels.
Biofuels: Farming Fuel
Rising fuel prices have taken the search for new supplies to the farmers’ ﬁelds as biofuels generate new interest. Oil companies once used to selling the power of their fuel with slogans like – put a tiger in your tank – might soon have to settle for coconut or sugarbeet.