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June 7, 2007
OPEC fears of biofuels realized
Before you get too cozy that biofuels will have a walk to the altar, read this from AGE today:
"Earlier this week OPEC warned the West that the biofuels push may drive oil prices through the roof. OPEC Sec. Gen. el Badri suggested the cartel may cut its production investment in response to Western biofuels investments. Though OPEC has voiced its skepticism with regard to biofuels, this is the most direct threat made by the producer group."
I would say that is a threat. And a real one. And what you would expect from an industry with a monopoly on a finite dirty product. If we want alternatives, they are going to make us PAY THROUGH THE NOSE for thier existing product while we scale. They are going to SQUEEZE EVERY LAST PENNY OUT OF US. This is the strategy I have been predicting they would follow and now OPEC has confirmed it in this bold faced threat. That tactic, while short term painful also has the consequence of probably INCREASING our rush to alternatives rather than slowing it down. Full steam ahead!
Posted by Martin at June 7, 2007 1:39 PM
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