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China's Gas find was only mentioned with the words "At present day usage levels" that it'd last 60 years. HYPE. Given their rise year on year averages they will use that stuff faster than you can shake a stick at.
As far as 220 million cars being replaced anytime soon by an all PHEV or other niffty energy saving device, take a long hard look at those last 6 Zeros. That is MILLION not not something smaller. At around a guess of 250,000 new energy sipping cars being built at this time, the whole fleet is not going to get dented soon. If every Car company made energy sippers then you might get 2 million to 4 million new replacements a year, but that is still a big IF.
The only reason OIL will fall is if the demand goes away. And that is not something I see going away any time soon.
T. Boone Pickens launched a chain of natural gas stations for natural gas cars.
http://www.businessweek.com/investor/content/may2007/pi20070525_526064.h...
Pickens is expecting that oil and gasoline demand will rise, their prices will rise, which will spur further interest in alternative fuels, and then this investment will turn a profit.
As the article points out, the market is currently more interested in ethanol.
They're both interesting investment opportunities, but neither a solution for how to continue business-as-usual.