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Oil Execs Say Biofuel No Help Now

The majority of oil execs say biofuels won’t be big business within the next three years. In a survey by KPMG, a whopping 82 percent of oil industry officials said they are concerned about declining oil reserves, but think it will take time for biofuel to be produced in volume. Sixty percent of the 553 […]

The majority of oil execs say biofuels won't be big business within the next three years. In a survey by KPMG, a whopping 82 percent of oil industry officials said they are concerned about declining oil reserves, but think it will take time for biofuel to be produced in volume.

Sixty percent of the 553 petroleum industry executives surveyed by KPMG LLP said large-scale production of renewable fuels is not a near-term possibility, at least not by 2010.

Only three percent of execs say we'll see mass quantities of cellulosic ethanol in the next three years, not exactly a ringing endorsement for the emerging process of turning agricultural waste such as corn stover or wood chips into fuel.

While the petroleum industry is dabbling with biofuel, they believe ethanol and biodiesel are longer term propositions.

Staying true to their roots, only one-third of oil execs say they would considering buying a hybrid or fuel efficient car.

Source:Associated Press