Humanity is a major consumer of fossil fuels. Each year, humanity consumes around 4 billion tonnes of crude oil in various forms, from plastic forks to petrol. Estimates speak of the global reserves of oil running out by the 2050s but even before that, petrol will probably see quite a few major price hikes. This means that the countries like Iceland, with the most expensive petrol in the world will either have to heavily subsidize them (as we all know, fuel price hikes usually trickle down to the price of pretty much every product that is hauled on the road) or find an alternative to fossil fuels that will be more cost-effective. Today, let's take a look at what this alternative could be.

Electricity

This one seems obvious - long before petrol runs out, we will switch to electric cars. Actually, this switch is already underway, with an ever-increasing number of electric cars hitting the roads around the world. Tesla is the most popular electric car brand today, with contenders being launched both by long-running car brands like Nissan and Volkswagen, as well as smaller electric-only manufacturers like Chery, Mahindra, and Courb, among others. Electric cars - powered by an electric motor and a set of batteries - have been around for ages but they have only become "cool" with the release of the Tesla Roadster, professedly released to spark competition among auto-makers. And it succeeded at it.

Hydrogen

Hydrogen has been for a long time seen as the fuel of the future. For one, it is abundant on Earth - water is literally hydrogen and oxygen - and it is seen as a viable alternative to fossil fuels in the automotive industry. It is also seen as an eco-friendly alternative, considering that instead of carbon oxides, its exhaust is water vapour. Hydrogen is used as a propellant in space rockets, and it is also seen as a viable alternative for the automotive industry in the form of fuel cells. The fuel cell uses hydrogen mixed with oxygen and another oxidizing agent to convert chemical energy into electricity. As long as they are fueled by oxygen and hydrogen, fuel cells will produce electricity continuously - they are used in many areas, ranging from NASA to backup generators for commercial and industrial buildings, and in vehicles ranging from forklifts and city buses to automobiles and even submarines. There are currently four hydrogen-powered vehicle models available commercially: the Hyundai Tucson FCEV, the Toyota Mirai, the Honda Clarity, and the Hyundai Nexo, launched in 2018.

Biodiesel

Few people know that when Alfred Diesel came up with the engine named after him, he intended it to be used with vegetable oil instead of diesel. Most diesel engines are suitable to run on vegetable oil. In some countries, used vegetable oil (from restaurants and such) is recycled into biodiesel, in others, canola or soybean oils are used either exclusively or blended with petrodiesel (diesel fuel refined from crude oil) in various proportions. Biodiesel is more environmentally friendly than petrodiesel, with lower carbon monoxide and particulate matter emissions than its fossil fuel counterpart. This makes it a great alternative to use in commercial vehicles and public transportation and - why not - to power personal cars as well. Biodiesel is still heavily researched - scientists are seeking for the most efficient source to produce it, taking everything from mustard seeds to municipal trash, algae, fungi, used coffee grounds, and even more exotic sources like alligator fat. If the right source is found, biodiesel could one solve all our fuel needs in the future.