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POPS Analyst Warns of $200/Barrel Oil* *One barrel of crude oil is 42 gallons (or $4.76 per gallon) In the Cato-at-Liberty blog post "Is There an Oil Price Bubble?" Cato senior fellow Jerry Taylor writes: "The most recent Fed actions to combat the deteriorating state of the macroeconomy added even more fuel to the oil price fire. With market actors increasingly convinced that the Fed is willing to entertain inflation in the course of injecting liquidity into the market, investors are looking for investments to hedge against inflation. And what do you know? Returns on commodities have historically been better during inflationary periods than during non-inflationary periods. Ben Bernanke thus sent another strong infusion of cash into commodity futures -- again, largely into oil and gas futures.
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POPSBiofuel Crops Supplant Food Grains Give a man a fish; Teach a man to fish. What could be more basic? All the good will and charity in the world cannot overcome the curse of evil and corrupt leaders, who have guns.
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POPSTop British Scientist Warns Against Biofuels This now threatens to reverse a half century of gains not only against world hunger, but also in holding the line against conversion of undeveloped land. This is partly due to the diversion of corn to biofuels. ... Meanwhile, European demand for biofuels to replace gasoline is fueling plans for massive clearing of rainforests for palm-oil plantations in Indonesia and Malaysia. ... Ironically, much of the hysteria over global warming is itself fueled by concerns that it may drive numerous species to extinction and increase hunger worldwide, especially in developing countries. Yet the biofuel solution would only make bad matters worse on both counts."
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POPSThe Hidden Agenda Behind The Bush Administration's Bio-Fuel Plan
VERY DISTURBING REPORT Big oil is also driving the bio-fuels bandwagon. Prof. David Pimentel of Cornell University and other scientists claim that net energy output from bio-ethanol fuel is less than the fossil fuel energy used to produce the ethanol. Measuring all energy inputs to produce ethanol from production of nitrogen fertilizer to energy needed to clean the considerable waste from bio-fuel refineries, Pimintel's research showed a net energy loss of 22% for bio-fuel—they use more energy than they produce. That translates into little threat to oil demand and huge profit for clever oil giants that re-profile themselves as "green energy" producers. So it's little wonder that ExxonMobil, Chevron and BP are all into bio-fuels. This past May, BP announced the largest ever R&D grant to a university, $500 million to the University of California-Berkeley to fund BP-dictated R&D into alternative energy including bio-fuels. Stanford's Global Climate and Energy Program (read article)
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