According to Paul Hodges (aka the chief economist) over on Chemicals and the Econonmy, the spat brewing between OPEC (the oil producers' club) and the International Energy Agency (the rich countries energy watchdog) is coming along nicely.
According to Hodges,
Claude Mandil, director general of the IEA, told Arab Oil and Gas 'the market has become aware' that OPEC 'has set an implicit new objective of keeping prices at or around $70/bbl and that the organisation is trying to defend this level.'
If that's the case its got to be good news for biofuels. it will be interesting to see at what level oil would have to reach before biofuels become truely cost effective substitutes for part of global gasoline/diesel demand without subsidies.