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It is important to remember that oil is not the "bad" guy when it comes to global warming, that honor goes to coal. Oil is a henchman at best. I think there are compelling economic arguments for adjusting to oil scarcity now, but as a solution to climate change the priority should be increased energy efficiency no new coal plants.
It certainly isn't an either-or situation, and every little bit helps. However, the planet could stop using oil tomorrow, and would still face the same dire environmental consequences if the developing world continues to rely on coal to power its growth.
