Don't Be Stuck on Stupid! Stop Blaming Biofuels
Biofuels already make up about 50 per cent of the extra fuel coming to the market from sources outside the Opec’s oil cartel this year. This explains why fears of a retreat from biofuels this week helped drive oil prices to record levels.Advanced biofuels are the nearest term solution to ever higher energy prices. If you kill that chance, you have doomed yourself foolishly well.
William Ramsey, deputy executive director at the IEA, said: “If we didn’t have those barrels, I am not sure where we would be getting those half a million barrels [from],” adding that Opec has said it would not raise supply.
The warning comes as the backlash from rocketing food prices has increased pressure on the European Union and the US to review their support of fuel made from crops.
The views of the IEA carry significant weight in Europe and the US and policymakers have warned that the debate about biofuels should take into account its implications for energy markets and climate change. The issue has been put on the agenda for the next G8 summit in July. __FT