Pushing the Ball Forward…Today
Renewable fuels like ethanol are playing “a critical role” in satisfying the world’s demand for energy, according to the International Energy Agency’s chief economist.
Global biofuel production is rising by the equivalent of some 300,000 barrels of oil a day while other fuel sources are lagging behind demand.
In fact, according Merrill Lynch commodity strategist Francisco Blanch, oil and gasoline prices would be about 15 percent higher than they are now if not for biofuels. That would push oil past the $115 a barrel mark.
Ethanol and other renewable fuels are an essential part of a responsible energy plan for America. As Robert
Lukefahr, president of BP Alternative Energy, told the Wall Street Journal: “Ethanol is here today. … It pushes
the ball forward.”
Sources:
“As Biofuels Catch On, Next Task Is to Deal with Environmental, Economic Impact,” by Patrick Barta, Wall
Street Journal, March 24, 2008.
“Ethanol and Beyond,” Wall Street Journal, March 24, 2008.
