Ethanol is taking a bite out of crude oil, this according to a recent OPEC report. An article published in The National, says that rising ethanol use in the United States is dampening demand for petroleum based fuels and this will be felt even more during the next few months. Next week, OPEC ministers are getting ready to meet in …
Big Oil Exec Talks Natural Gas, Electric Cars, Biofuels
The CEO of one of the world’s biggest petroleum companies says his company will soon produce more natural gas than oil and is investing more than ever in biofuels. And this article from the Wall Street Journal says that Peter Voser of Royal Dutch Shell says he expects in the next 40 years, 40 percent of the world’s cars will …
Worldwide Oil Subsidies Could Top $500 Billion
Last September, the G-20 leaders announced during an event in Pittsburgh, that they are committed to phasing out controversial fossil-fuel based subsidies. According to the Global Subsidies Initiative, the G-20 leaders blame subsidies for encouraging wasteful consumption and undermining efforts to combat climate change. Referencing studies by the Organization for Economic Cooperation and Development (OECD) and the International Energy Agency …