What is Palm Oil and how is it threatening the rainforests of southeast Asia?

Palm oil appears in many everyday products. It is a relatively cheap substitute for other ingredients, but carries and environmental cost. Many areas of rainforest have been replaced with monocultures of oil palms, which have a devastating effect on biodiversity, as this clip shows:

http://www.youtube.com/watch?v=E4NjDAKLxo4&eurl

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