IEA: High oil prices are not spurring more investment in biofuels

05/14/2013 | MIT Technology Review online

Instead of making biofuels and other alternative forms of energy more competitive, the elevated price of oil is fueling more investment in fossil fuel production, according to a report by the International Energy Agency. High oil prices are spurring more spending on hydraulic fracturing and other technologies meant to extract more oil from hard-to-reach areas, leading to a worldwide boom, the IEA said. In contrast, "the political framework for advanced biofuels in many countries seems to be insufficient to fully address the investment risks associated with first-of-their-kind commercial-scale production plants," the report stated.

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