Most cost-analyses I've seen were done when oil was stable at about $15-$20/barrel for decades. With oil now at $70/barrel and climbing, many technologies which were not economically feasible now become quite promising. I suspect that many people will begin purchasing and using home-stills to produce alcohol, to which they might add 15% gasoline. Later, energy companies will get in on it, and begin producing larger amounts, highly competitive with gasoline. Also, FYI, 'vegetable' oil is, for example, corn oil (Mazola, i.e. from maize) from the corn seed, or soy-bean oil from the soy bean seed, palm seed oil and coconut oil from the palm seed; oils produced by plants, primarily in their seeds as an energy storage method, but which can be squeezed out and extracted, and burned much like mineral oils (from the ground - i.e. from the mineral). As noted by KM GURU, much of the energy is in other parts of the plant, but takes more processing for extraction. Many plants produce prodigious quantities of oil, and others are very fast growers, but producing sugars and cellulose primarily, and lesser amounts of oil. It will take a while to sort out the best crops for the best areas. So, will the farm-rich countries replace the oil-rich countries as the money barons?