With the price of oil being so high it is only logical that money is flowing into any company that promises to make fuel from non-mineral resources. All it will take is for crude to stay above $100 a gallon for another year or two and it will be end of drilling for oil forever. Don’t sell your oil stock, yet, but when a successful alternative fuel goes to market it will be too late.

This latest announcement comes from Australian CSIRO and Monash University. They claim to have a way of producing crude oil components from low quality waste.

The researchers are targeting low value waste such as forest thinnings, crop residues, waste paper and garden waste, significant amounts of which are currently dumped in landfill or burned . These contain lignocellulose which is renewable and potentially greenhouse gas neutral. It is predominantly found in trees and is made up of cellulose; lignin, a natural plastic; and hemicellulose.

One of these schemes is going to kick in. With the price of heating fuel so high, I can predict hundreds or even thousands of deaths due to lack of heat this winter. I can also predict that the electorate will be angry enough that Congress will have to act, offering tax breaks and grants to anyone developing alternative fuels and green technology.