Biofuels still play key role in midst of shale revolution: exec

19 June 2013 22:12  [Source: ICIS news]

HOUSTON (ICIS)--The advent of shale gas and oil in the US has had an effect on the development of biofuels, but biofuels still play a critical role in the nation’s energy portfolio now and in the future, an executive from UK-based energy giant BP said on Wednesday.

The practicality of biofuels should be looked at in terms of “a global opportunity role – it’s not just a US role”, said Susan Ellerbusch, president of BP’s Biofuels North America division. She made her comments during a presentation at the Massachusetts Institute of Technology’s (MIT) Enterprise Forum at the Federal Reserve Bank in Houston.

With many countries around the world not having domestic access to abundant supplies of petroleum-based fuels, biofuels can be a key part of the answer of fuelling their futures, Ellerbusch said.

“We’re eagerly watching how energy supply and demand balances in the US, but you also have to look at the global markets,” she said. “If you look at the global supply and demand, there still is a tremendous need for as many sources of fuel as you can possibly get, as many sources of energy.”

But even with shale oil and gas increasing overall production of the fossil fuels in the US, biofuels such as ethanol still have a place at the table, Ellerbusch said.

“We’re moving toward energy independence, and I think biofuels are part of the solution,” she said.

By: Jeremy Pafford
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