UBS, a Swiss investment bank, released a statement saying that ethanol is an "insufficient" replacement for oil. Based on a study initiated by the bank, ethanol production at its current rate would total around 30 billion gallons of fuel by 2020. Unfortunately, oil consumption for vehicles alone totaled 320 billion gallons just for 2005.
The bank concludes the only way ethanol could be a viable alternative would be production from many sources since current crops such as sugar and corn are subject to seasonal variation. Such multi-source production, continued the bank, is near impossible since it would require companies to set up production multi-nationally. Current high tariffs and other market restrictions by individual countries currently make such a scenario near-impossible.

[Source: Macauhub]

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