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Ethanol Subsidies Reduce Incentives To Build New Oil Refineries
By Mr Ethanol | August 13, 2007
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Art Diamond Blog:
Source of graphs: online version of the NYT article cited below.
(p. A1) “If the national policy of the country is to push for dramatic increases in the biofuels industry, this is a disincentive for those making investment decisions on expanding capacity in oil products and refining,” said John D. Hofmeister, the president of the Shell Oil Company. “Industrywide, this will have an impact.”
The concerns were echoed in a recent report by Barclays Capital, which said the uncertainty about the ethanol growth “will do little to accelerate desperately needed investment in complex United States refining units.”
“Indeed, it is likely to deter and further delay investment, if not rule out many refinery investments completely.”
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More.
Topics: Ethanol, Negatives, News, Oil |
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