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
So much for Supply & Demand, hmm?
GO AHEAD. The quicker you prices yourselfs out of the market - the quicker you will revert to nomadic goat herders...
More of a threat than an economic consideration
Time to consider forming OPIC (Organization of Petroleum Import Countries).
That’s a laugh.
Time to figure out how to drill thru the earth and suck the oil out from underneath them.
A thinly veiled threat — I guess they feel threatened by the possible competition.
They are scared shiiteless. They realize that this is one of the technologies that will, eventually, return them to the status of their grandfathers - that of nomadic goatherders (or something else having to do with goats).
Ramp up production, esp. of biodiesel.
OPEC is a cartel...a non-free-market entity
Most of the ones bent on stopping ethanol, biodiesel, etc...seem to have some vested interest in dinosaur juice
Well if we can develope something to replace their oil,let raise the price of it,eat it or shove it,cause we’ll finally have an alternative to it !!!
economic terrorists
Yep...A Saudi oil “minister” even said so a couple of years ago...told OPEC to keep oil prices and production at an acceptable level or they will have to be inventing ways to make crude oil edible.
Jack, cool word, that ‘fungible.’ But what the heck does it mean?
Yes, I was selling apples on the street the other day for fifty cents each. No one wanted them, so I raised the price to five bucks.
So would this qualify as one of those “catastrophic event” thingies that President Bush signed where he can make things happen without congress? If so, start drilling in ANWAR now!
You mean high enough to finally make the aggressive processing of the Western US & Canada's uber-colossal oil sands economically viable?
They're getting the feeling that their part of the world has really done it now. The urge for a shift in energy types & sources is greater than ever.
Plus, there are the tar sands in Alberta, "the largest oil deposit outside Saudi Arabia," according to Bloomberg. Technology to cheaply convert coal into gasoline is being developed by companies such as Rentech (AMEX:RTK).
The OPEC goons should be careful what they say: sustained high prices could get Americans to start looking for alternative fuels (bio-fuels, etc.) as well as other sources of oil, like North American deposits.
Having the ability or capacity to funge.
OPEC sounds worried. Good.
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