Report: Biofuels Poised to Displace Oil

As governments slowly come to realize that oil is a finite commodity, biofuels attract more attention worldwide. Brazil is the foremost producer of biofuels with the US gaining. The German Federal Ministry of Food, Agriculture and Consumer Protection released an in-depth analysis of the potential risks and benefits of biofuels. Among the risks posed are potential competition between food and fuel crops and the uncontrolled spread of fuel crops onto land that should be used for other purposes. On the other hand, biofuels may offer added value for energy security, help create economic opportunity and contribute to the reduction of greenhouse gases. Analysts expect biofuels, at their current rate of development, eventually to compete with gasoline and diesel, even without specific subsidies. While they may not be a perfect answer to a possible energy crisis, biofuels could provide an opportunity for a transition from oil dependence. – YaleGlobal