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Many scientists believe we do not have enough fossil fuels left to burn to set in motion the most dire global warming predictions.
http://edition.cnn.com/2003/WORLD/europe/10/02/global.warming/
That said, 35 MPG doesn't mean a thing. Hopefully, the oil production decline will be a "jagged plateau" rather than a swift drop, and those with the funds available will pour them into research and development for new energy sources.