Yeah, that’s Trillion with a “T”. What am I talking about?
The world will buy about $1.2 Trillion worth of oil from OPEC countries this year. And they’re liking it.
In fact, they like it so much, they don’t want this gravy train to end. But world opinion is turning against them quickly because of high gas prices.
So, last week, President Khelil of OPEC made the ridiculous assertion that the cause of the rise in oil prices wasn’t the collusion of OPEC and Big Oil, it wasn’t rising worldwide demand, it wasn’t even speculators. Who was to blame?
The competition of course!
That’s right, the one group that can really hurt OPEC and put a cap on the price of gas are the guys who generate biofuels. You know, the stuff that we’ll never run out of because it grows out of the ground. I’m talking about fuels like Ethanol and BioDiesel.
So, in response to the claims by President Khelil, the World BioFuels Industry published an open letter to OPEC in the Financial Times last week. You should read it here: http://www.goodfuels.org/opec/.
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