Sunday, June 10, 2007

A Threat We Must Ignore

I note that Abdalla El-Badri, who is the secretary-general of Opec (the oil cartel), has stated that investment in biofuels could push oil prices "through the roof". If that isn't a threat, I don't know what is.

Opec members control about 40% of the world's oil production, and El-Badri warns that moves to use biofuels would make his members consider cutting investment in new oil production.

This sort of rhetoric demonstrates the ridiculous position we have got ourself into with our worrying dependence on fossil fuels. The only way out of this, in the long term, is to expand the use of alternative fuel sources.

We cannot afford to be bullied by international gangsters like this.