Catalyst - Ethanol Alternative

If we converted Australia's entire sugar cane crop into ethanol, using conventional techniques, we still wouldn't have anywhere enough fuel to drive our cars. So does ethanol really provide an effective replacement for rapidly diminishing oil?
Two Australian scientists have developed yeast that can extract more sugar from the same amount of cane. It's so effective, that in the future, they claim they will be able to extract sugars from waste paper and agricultural and forestry waste. With this new technology, could ethanol become a truly viable alternative to oil?

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