This is exactly what we needed now; OPEC warning – threatening (take your pick) through its secretary-general, Abdalla El-Badri, that if the West continues to develop bio-fuels as an alternative energy source to combat climate change, the price of oil could go “through the roof†as the cartel’s members will start cutting investment in new oil production.
OPEC (Organisation of the Petroleum Exporting Countries) which controls about 40 per cent of world oil production, plans to spend about $130bn until 2012 to raise oil output. Iraq production apart, the petrol cartel forecasts a capacity of 39.7m barrels of crude oil per day in 2010, up from today’s 35.7m b/d. El-Badri told FTP that OPEC also plans to invest another $500bn in production development during the period 2013 to 2020. However, always according to El-Badri, that could change depending on the biofuels outlook.
And to think that world production of biofuels were equal to a mere 1 per cent of all road transport fuel in 2005! To make a long story short, what those democratic and anthropocentric fellas at OPEC are telling is, stop trying to find alternative fuels or we’re going to shove a raise so deep up your rass that it’ll take your economies years to recover.
Source: FTP , Via: Edmunds Straightline