Updated on 7 September 2012
Fueling hope: Panicum virgatum also known as switchgrass can solve the fuel crisis problem
World fossil fuel production and consumption continues to increase, however, fewer petroleum-based resources remain in the ground. With many years of over-consumption and projections of the world's population growth, reaching 10 billion by 2100, there is a great concern regarding the dwindling non-renewable fossil fuel reserves. According to the US Energy Information Administration, the worldwide petroleum consumption in 1990 was approximately 66,524,000 barrels per day, as compared to 87,269,000 barrels per day in 2011.
The peak in oil consumption is approaching at a time when the world is facing many challenges, such as rising temperatures, declining water tables along with other environmentally damaging trends.