Oil & Gas Forums - Worldoils

Let us see who may be right here.

Thought 1 on Biofuels :
This is from the general people of the world. With the prices of oil reaching over $130 a barrel a few days ago, people are hoping that an alternative energy source can be found. One of the answers is Biofuels. If Biofuels was available in abundance, some pressure would of course be put on the OPEC and the crude prices could ease off.

Thought 2 on Biofuels :
This thought is voiced by the oil rich countries and they warn strongly against Biofuels. What they say is that if the prices of Biofuels was high, then the farmers woud grow the Biofuels making plants rather thn grow crops. This would cause a world shortage on food as well as increase the food prices. One way of keeping the prices of crude high?

What does an ordinary man do in the meantime? Look at the oil prices everyday and wonder. Today, fortunately, the prices have fallen to less than US$ 127 per barrel. Since many of us are not from oil rich countries, let us hope that the speculation ceases and we are back to realistic oil prices.

Then the question is : What is the realistic oil price???