Posted on 06/07/2007 5:46:44 AM PDT by BGHater
The Organisation of Petroleum Exporting Countries (OPEC) has warned that the drive for environment-friendly bio-fuel risked pushing oil prices "through the roof" .
OPEC Secretary-General Abdalla el-Badri told the business daily that the development of bio-fuels had made the powerful cartel consider cutting investment in new oil production.
"If we are unable to see a security of demand... We may revisit investment in the long term," the newspaper quoted him as saying.
The report said el-Badri also warned that bio-fuel output could become unsustainable because it competed with food production.
He added that crude oil prices could go "through the roof" if investment in bio-fuels backfired.
The 12-nation OPEC oil producers' cartel pumps more than a third of global crude supplies.
Bureau Report
You eat algae? Switchgrass? Rape seed?
Oh how quickly people forget. Remember shock and awe Mr OPEC?
“Yes, it is nice increasingly relying on Muslims and socialists for fuel.”
If you are for ethanol, biofuels, and electric cars, you are for socialism.
As for relying on Muslims for fuel, you act as if you have a choice. Right now you don’t. Change your government if you don’t like this.
Until then, ideology won’t fill your tank.
Bull. Back in the Big One (that is, during the FIRST “Energy Crisis”) the towelheaded ones cut America’s supply of cheap oil...until it looked like high prices might actually make us open more refineries, drill the coasts, etc. But when OPEC saw we were actually moving in the direction of self-supply, suddenly the “chrisis” was over, and cheap oil returned.
I hope that they (slowly) crank up the price as high as it can go...so that we will get angry and force our Congress Critters to do what we want and drill, drill, and drill!
Oil sands are already economically viable. That is why there is over 1 MMBPD flowing from the Alberta oil sands and dozens of projects underway to expand. Alberta Oil Sands
http://www.alberta-canada.com/oandg/oilsands.cfm
The weak dollar already makes them do that.
Don't forget locust swarms, spontaneous combustion of humans, and space alien invasions. Your sharp eye must see those coming too.
OPEC needs to just STFU. They are clueless idiots. My nephew could give better economic advice than OPEC and he’s two.
” Your sharp eye must see those coming too “
The ignorant ridicule that which makes them uncomfortable - and if you can somehow equate logic and basic (econ101-level) economics with space aliens, then you certainly qualify.
I’d strongly suggest you not walk in traffic — living with your eyes glued shut can be hazardous to your well-being.
“That is one of the silliest things I have ever heard.”
Government subsidies are required for ethanol, biofuels, and electric cars. They are not optional, they are required, in one form or another, to make these options viable.
Government subsidies are socialism that directly undermine free-markets. Free markets are the nemesis of socialism.
Does it sound any less silly now?
“No, it sounds sillier.”
Care to elaborate?
American and European farmers are currently being paid by their governments not to produce food. Anyway, food prices could go up 1000% and Americans would still be fat and happy. There is no way on earth we will ever starve by converting excess food production capacity to fuel production. In fact, at current fuel prices, it makes excellent economic sense. Farmers would have to be raving lunatics not to.
Not really. You can believe what you want to believe and sit on your butt and complain while others try and get us out of the fix we are in.
Yep. I've been wondering how long it would take for OPEC to shine the light of day on their real motivations, as if the OPEC behavior in the mid '70's wasn't a glaring example.....
Although they (OPEC) may fear a loss of demand for oil through bio-fuels. They are perhaps right in that oil prices will rise as well as food prices as we turn to burning our food instead of petroleum. This bio-fuel thing is just another socialist scheme with a green tint. It is entirely aimed at the support for the global re-distribution of wealth as is everything in the green movement and man made global warming culture.
Our efforts would yield better results in using coal than corn for fuel.
fungible - “of goods or commodities; freely exchangeable for or replaceable by another of like nature or kind...”
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