Opec warns biofuel moves could drive oil price ‘through roof’

Via hemscott.com:

“LONDON (Thomson Financial) – Opec Secretary General Abdalla El Badri has warned that efforts by western countries to develop biofuels as an alternative energy source to combat climate change risk driving the price of oil ‘through the roof’.

Badri said the oil cartel is considering cutting its investment in new production in response to moves by the developed world to use more biofuels, the Financial Times reported.

Opec has previously expressed scepticism about alternative energy but Badri’s comments mark the first clear threat that the cartel might act to safeguard its interests in the face of a shift towards biofuels, the newspaper noted.”

So much for free markets… seems like they don’t want to let the addicts off the needle.