burned as a fuel -- emitting over 3 billion metric tons of carbon dioxide per year into the atmosphere. Oil Production may Peak in 2026 Click to enlarge Replacing Oil Is a Challenge Alternatives like electric cars, hybrids and hydrogen as an automotive fuel are attractive but will take decades to phase in because they will require new infrastructure. Petroleum still powers the world today in the form of gasoline, diesel, and jet fuel, as well as chemical products like plastics, solvents, fertilizers and pesticides. Trillions of dollars are invested in the world's oil infrastructure. The only viable replacement is a new fuel that is cost-competitive with petroleum and can be used directly in the existing oil network. The world needs a new oil.