Climate Change, Oil Supply Cocerns Forcing Carmakers to Rethink

The boss of US car giant General Motors says the days of petrol engines are numbered, saying oil supply has peaked and the race is on for replacement fuels

Published: 20-Jan-2008

The head of car giant General Motors has publicly warned the switch to biofuels such as ethanol and electric cars is now inevitable and with oil prices at record highs, motorists may soon become familiar with the phrase "peak oil".

It is the theory that more than half the planet's oil reserves have now been used and demand will inevitably outstrip supply, driving prices ever higher.

While some experts reject the theory, arguing the planet still holds enormous reserves of oil and gas, peak oil has won a powerful new backer.

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