Wednesday, Jun 06, 2007
Dont you just love it, looks like the oil barrons are getting worried the Goose that laid the Golden Egg testing its wings!!! Seems the world is being held to ransom !!
FT.com: The warning from Opec
Opec on Tuesday warned western countries that their efforts to develop biofuels as an alternative energy source to combat climate change risked driving the price of oil “through the roof”. Abdalla El-Badri, secretary-general of the Organisation of the Petroleum Exporting Countries, said the powerful cartel was considering cutting its investment in new oil production in response to moves by the developed world to use more biofuels.
George W. Bush, the US president, has pledged to cut US petrol use by 20 per cent over the next 10 years through more efficient vehicles and a big increase in biofuel consumption. World production of biofuels, which are derived from agricultural commodities such as corn and sugar, was equal to 1 per cent of all road transport fuel in 2005.
11 Comments
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1. Orwell said...
Why don't we just take things over?
2. d'oh said...
I despair...surely peak oil should be enough to guarantee their profits for the foreseeable future. We are incapable of behaving enough like adults to stop this world turning into an unihabitable sewer. (By the way, did you know that at one stage the highest point of Malta was its garbage dump, until this was pointed out.) Anyhow, how are they planning to grow all this biofuel, given that today's commercial fertilizers rely upon oil products? The only way to solve this planets problems is to reduce the population by a good 80-90%. Can't exactly see that being politically or demographically tenable in reasonable time, can you? What a mess.
3. cyril said...
I hope the price of oil does go through the roof - people might not waste so much of it.
4. talking rot said...
An example of supplier power methinks. I can't see it ever happening though. There is no such thing as the Arab nation any more then there is of the European nation. OPEC members will never agree on anything long enough to make a major difference. And if oil prices do rise further, it makes it worthwhile to exploit the vast, untapped resources in Russia and the Antartic.
5. Tim Glover said...
D'oh.
I suspect this is just politics. The oil producing nations KNOW that they cannot produce more oil - they are using ethanol as an excuse.
6. george monsoon said...
Easy, make it extremely difficult to run a high consuption vehicle unless you require the engine power for towing or carying goods as part of your work.
i.e. 4x4s, jags, BMW's Mercs.. etc would all be BANNED from the road, and low consumption vehicles like Micra's saxo's and other small engined cars would become the norm.
I have several good arguments to back this up..
1. fuel consumption down dramatically
2. small cars cost less to run!
3. w@nkers would be forced to drive at reasonable speeds and I wouldn't have to put up with the tw@ts in BMW's cutting me up from the hard shoulder... without indicating when moving into the 10 foot space between me and the car in front!!
7. talking rot said...
George
I agree completely but Mrs Flange drives a thirsty 4x4 SUV. She's upset by this.
8. Vfr said...
oil price goes up is bad news. energy prices go up , goods become more expensive , production falls. employees lose jobs, house prices crash. Massive down spiral both econonically and socially.
9. inbreda said...
George is spot on. High oil prices will impact on tw@s in 4x4 gas guzzlers (and so it should be!!). But we don't have to have high oil prices to rid ourselves of the kind of a*%$&^%ole that drievs a 4x4. My favourite option is to shoot them at the side of the motorway and throw their sefish arrogant rotting corpses into the ditch.
We may have to resort to this seeing as oil will drop in price soon and will probably be no more than $5 per barrel soon. I don't have any facts to back this up, but I distinctly recall Glorious Sunshine saying that it would happen.
I don't think he had any supporting facts either.
Hmmmm. Must be supply and demand.
Or a new paradigm.
10. D'oh said...
Tim,
I agree, it is just politics. Of course OPEC countries aren't going to stop investing in oil production. The problem is that this statement is just indicative of the fact that there will be no proper cooperation until it is too late. That is what I despair about.
11. d'oh said...
Tim,
I agree, it is just politics. Of course OPEC countries aren't going to stop investing in oil production. The problem is that this statement is just indicative of the fact that there will be no proper cooperation until it is too late. That is what I despair about.