Re: Biofuels, probably won't end well
Peak Oil' isn't even close - there are huge untapped oilfileds in existence
Concur - I own some land on top of one. It is not viable unless price per barrel of crude passes the 120 mark.
There are plenty of places like this around continental Europe where it is either too deep or the type of oil is "heavy" or with too much "interesting" metal impurities which throw a spanner into the works of the normal refinement processes.
In addition to that, Russia still operates the old Soviet Union policy of: "For every field opened for exploration, set one of equal size aside". There is also the Arctic and maybe, one day the Antarctic (though the discoveries there so far are mostly coal, not oil).
The only Peak oil likely to happen any time soon is "Peak Arab Oil" and frankly, that is a very very very good thing. There will be less money floating around to finance nutters.