According to reports from the Smith School of Enterprise and the Environment at Oxford University the world’s supply of fossil fuels is nearing its tipping point where the sheer supply of oil and its production capabilities will be outstripped by both consumer and commercial demand. Based on their studies of production capabilities both in the Middle East and in other countries this is likely to become a major issue as early as the middle of the coming decade, with estimates of currently remaining oil reserves being cut from a previous 1150 to 1350 billion barrels down to a significantly lower 850 to 900 billion barrels.

Further, researchers also state that the likelihood of most conventional biofuels based on foodstuffs such as corn to supplement consumer demand for oil products is unrealistic due to the effects such fuel-conversion purposes would have on the food industry. If over-dependence on food-based biofuels were to develop a food shortage could easily be generated which could easily contribute to greater issues in both developing and developed countries alike.

Instead the researchers at Oxford state that two separate methods for future development need to be looked at for consideration: increasing our current efficiency in fuel consumption to reduce overall demand and developing alternative energy production methods that do not rely on either oil or food biomass for energy. This can be done through both improving the economic efficiency of consumer vehicles (the greatest users of liquid fuel) as well as further development of alternative energy generation methods such as wind, solar and geothermal energy as well as biofuels developed from non-foodstuff biomass.

Already research is being conducted into various forms of alternative biofuel generation in addition to improving other energy generation processes, however the newer estimate of reduced oil reserves is putting significant additional pressures on the alternative energy industry to meet the upcoming consumer demands in an efficient and effective method before fuel deficiency becomes a major issue in all countries.

•