Wednesday, December 26, 2007

The New US Energy Bill

We at CARE are honored that distinguished expert, Michael Economides, is willing to share his insights with us. Never at a loss for an opinion, the following is what he sent to us when we asked for his response to the energy bill that was signed last week:

“This is one of the silliest and most expensive, compared to the benefits, bills ever. The biofuels that they envisions do not even exist and will not amount to more than the expected INCREASE in conventional motor fuels. Biofuels do nothing for the environment, greenhouse gases or energy independence. Opening up ANWAR of just a little more offshore drilling would readily cover what they are supposed to do at no cost to the public.”

Potential Contributions from Renewables between 2007 and 2022
• Conventional Fuel Increase 18.6%
• Conventional Fuel Increase 15.7%
• Conventional Biofuels (2022) 5.0% – (e.g., corn-base ethanol)
• Total Biofuels (2022) 13.8% – Of which 21 billion gallons of unproven biofuels (1.37 million barrels per day)

Prof. Michael J. Economides, University of Houston and also Editor-in-Chief Energy Tribune Houston, TX

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