Oil and Brazil

The Economist's assertion that "the gloomiest pundits" are wrong to predict that the world will soon run out of oil, seemed to be too rosy of a scenario peddled on sure declining of world's oil reserve and supply, that The Economist acknowledges in a few sentence down, saying "the number of mammoth discoveries is declining". The oil price jumped to $114 a barrel, and no sign of rescinding to earlier "comfortable" level in the forecast. Brazil's new discoveries of oil fields in deep ocean may bring a few crucial years for the world, but the time is indeed running out. Are there any other choices left except for cheaper production and supply of alternative energies?