Monday, July 7, 2008

News and Notes - July 7, 2008

Feature Article (Two today!)

In a comment that seems to deny all logic, the OPEC president blames ethanol for 40% of the crude-price rise. Khelil balmed the weak valuation of the dollar as the primary factor in prices (60%). A 1% decline in the value of the dollar adds $4 to the price of a barrel of crude. The low value of the dollar is widely accepted as one of the reasons the price of crude has skyrockted. However, is this same article, Khelil states that “bioenethanol alone” is responsible for the remainder of the price increase. No explanation for his theory was given. He also states that supply is sufficient and should not be changed “because the current rise in oil prices is in no one’s interest.” Seems like some of his statements defy logical thought processes everywhere.

In another article, an unpublished World Bank report blames biofuels for a 75% increase in the price of food worldwide. The report lists 3 ways that biofuels have affected the price of food. They are: “First, it has diverted grain away from food for fuel, with over a third of US corn now used to produce ethanol and about half of vegetable oils in the EU going towards the production of biodiesel. Second, farmers have been encouraged to set land aside for biofuel production. Third, it has sparked financial speculation in grains, driving prices up higher.” Speculation has also been pointed to as a reason for the increase in oil prices. Whether or not you agree with these impacts, some critics have pointed to flaws in the study. It fails to note environmental impacts, the price of petroleum in transporting good, and other items. Perhaps the World Bank will publish the report to allow for a full review.

Secret report: biofuel caused food crisis (World Bank Report blames biofuels for a 75% food price increase worldwide)

UTBI-related News

Plant plans fuel anxiety

US News

Nation needs relief from ethanol fiasco

Brazilian sugar growers launch US print, radio, TV campaign for repeal of ethanol tariff

Trade Coalition Urges Prez to Suspend Imported Ethanol Tariff

Novozymes To Build US Ethanol Enzyme Facility

Ethanol Blends May Increase Auto Emissions; Other Industries May Pay a Price for De Facto Federal Fuel Mandate

Corn board: Nebraska’s corn acreage to meet ethanol demand

U.S. and Europe Face Pressure on Biofuels

Pro Eco Energy halts its ethanol plan, closes doors (South Dakota)

S. Idaho ethanol plant faces possible fines (for odors)

The power of corncobs

Governor Crist announces E85 Ethanol now on sale to the public along Florida Turnpike

Kansas University team to test biodiesel

International News

Secret report: biofuel caused food crisis (World Bank Report blames biofuels for a 75% food price increase worldwide)

OPEC president blames ethanol for crude-price rise

Special report on India: Lalu backs jatropha

Ethanol from food? Forget it. From wood waste, maybe

2nd generation biofuels ranked eighth out of 18 climate change strategies by 1350 experts; 1st generation biofuels ranks last

Petrobras, Conoco in ethanol cooperation deal

Brazil Petrobras, Mitsui To Invest In Ethanol Project

New website highlights Asia-Pacific Economic Cooperation biofuels activities

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