Yes , industrial hemp could replace oil in a few years, but killing the planet is better for short term profit, so they won't do it.
Outline of the benefits and uses of hemp
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Biomass Hemp
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As a biomass, hemp burns hotter and cleaner than coal.
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Hemp biomass can be converted to methane or methanol.
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Hemp Paper
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Industrial hemp makes better paper than wood (the US Constitution was printed on hemp).
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Hemp Oils
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Hemp produces oils which can replace synthetic solvents for a wide range of uses, including paints and paint thinners.
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Clothing from hemp
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Hemp fibers can be woven into extremely durable clothing material.
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Grows easily
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Hemp can be grown organically in poor soil almost anywhere, up to three crops per year, far more efficient than lumber.
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Hemp is naturally drought, pest, and disease resistant, eliminating the need for synthetic chemicals and reducing the demand on dwindling water supplies.