The Global Renewable Fuels Alliance is calling on the G20 to enact biofuels policies that reduce reliance on crude oil. This follows a warning from the International Energy Agency’s Chief Economist that crude prices are threatening the global economy and could trigger another recession. Every global recession since the early 1970s has been preceded by high oil prices, “With the most recent economic collapse in 2008 coming on the heels of record-breaking crude oil prices that topped $147.50 per barrel.”
World biofuels production – according to the GRFA – is currently contributing over one-million barrels of oil equivalent to global energy supplies. The alliance expects global production to grow by approximately three-percent this year without significant policy changes. GRFA spokesperson Bliss Baker says more must be done to encourage the development of alternatives to crude oil like ethanol and biodiesel. OPEC – the Organization of Petroleum Exporting Countries – has acknowledged publicly that energy efficiency policies and the use of biofuel will put more downward pressure on oil consumption worldwide.
Source: NAFB News Service