24 February 2011 19:54 [Source: ICIS news]
HOUSTON (ICIS)--The continued unrest in ?xml:namespace>
“You can look at unrest spreading across the Middle East and just imagine what the impact would be,” said retired
“We don’t want to spend the next 30 years fighting in the
Clark spoke on a Growth Energy conference call regarding recent
Clark noted that it cost about $2bn (€1.46bn) per week to keep US forces operating in Afghanistan, with another $1bn in Iraq even as forces are being pulled out.
Thus, he rejected the notion that importing oil would be the cheaper option.
“As this latest oil price hike rolls through our economy, you can only imagine what the impact will be,”
As such, Clark and Growth Energy CEO Tom Buis called on the US Senate two defeat two recent amendments seeking to block federal authorisation for 15% ethanol fuel blends (E-15).
“[The amendments] are a win for OPEC and another setback for
Buis said the amendments also send a signal to companies developing alternative feedstocks that there is no market space for their products.
“This has kept people on the sidelines from investing in next-generation products,” he said.
While expressing optimism that the amendments would not clear the Senate, Buis was sceptical that the recent surge in oil prices to above $100/bbl would be enough to spur pro-ethanol policy changes.
“This crisis has been going on for years,” Buis said. “It’s going to take crossing the $4/gal or $5/gal [motor gasoline] threshold, like last time, to get the kind of wake-up call that we need.”
“We have real dependency challenges on imported oil,” he added.
($1 = €0.73)
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