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Agricultural News

Biofuels to Counter Soaring Oil Prices

Fri, 14 Jan 2011 17:35:17 CST

The Global Renewable Fuels Association says biofuels are the best way to counter soaring oil prices that the International Energy Agency calls a threat to the stability of the global economy. The IEA recommends that oil-consuming countries boost efforts to cut back on oil usage and that biofuels are the best way to reduce our reliance on conventional oil.

Bliss Baker, spokesperson for the Global Renewable Fuels Alliance says, "these sky-rocketing crude oil prices are already having an impact on other commodity prices and food inflation." He says, "The IEA’s warnings should be a wakeup call to all countries to reduce our crippling reliance on crude oil." Baker predicts food price spikes will continue unless there are concerted efforts to develop alternatives to crude oil like ethanol and biodiesel.


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