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8-23-10



According to a report from Inside Fuels and Vehicles, the Organization of the Petroleum Exporting Countries' (OPEC) future planning is based on alternative fuels displacing oil by 2050. An official with the cartel's long-range planning group predicted "the value of a barrel of oil in 2050 will be zero." The trend to alternative fuels will begin to be felt by OPEC around 2020, the official said. The article stated that a reduction in oil demand would reduce the effectiveness of a potential oil embargo.