re: No evidence of people switching to biofuels.
??? After a couple of weeks????
It will take YEARS for the biofuel industry to come up to speed. Factories need to be built.
The problem is this: The people in the business (as small as it now is) are afraid to ramp up production because they are afraid that oil prices will come back down.
What is needed is SUSTAINED oil prices above $40 barrel for a couple of years to move the alternative energy industry ahead.
The best thing that we could do would be to put a tax on oil products to bring their pump prices up to, say $2.50 per US gallon, and guarantee this price as a minimum for the future.