OPEC apparently worried about US ethanol moves
According to SeekingAlpha, a stock market opinion and analysis site, the Secretary-General of OPEC has taken a stand against American and European ethanol plans, warning that the moves will send oil prices "through the roof." Abdalla El-Badri said that the move to make more ethanol means "you don't get the incremental oil and you don't get the ethanol." (huh?)
SeekingAlpha's Todd Sullivan takes this, OPEC's first public concern over biofuels, to be "proof positive that oil production is currently at a peak level. If OPEC could, it would flush the world with oil, dampen its desire for alternative sources and make them less profitable. The fact that they haven't means they can't."
I always try to take information from investment sites with a huge helping of salt, because I just don't trust them (I have nothing against SeekingAlpha in specific, mind you. I just never know what their motives are, especially in the green energy field). But what do you think? Is Sullivan on to something here? Is OPEC actually worried we'll put a dent into their profits with ethanol (something not even the biofuels strongest supporters are saying will undoubtedly happen)? I'm interested to hear our readers' takes on this.
[Source: Seeking Alpha]
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