November 12, 2007

Ouch! It hurts! or Rising oil price impacts around the world

The WaPo has a great piece up about the impact of $100/bbl oil around the globe. It's not really surprising that exporters are doing well and importers are doing badly. What caught my eye is what's happening in Brazil...

In Brazil, the region's largest economy, high oil prices have had a different political effect. Last year, the country became a net oil exporter, thanks to major increases in domestic oil exploration and the country's broad use of sugar-based ethanol as a transport fuel.

Actually, Brazil doesn't produce much oil, less than the US in fact. However, they do use sugar cane ethanol for just about all their transport fuel with the remainder coming from soya diesel. Brazil's economy is soaring thanks to their independence from petroleum.

Anyone who tells you that we can't move to biofuels in the US is lying. The Brazilians did it with sugarcane and we're a decade ahead of them in refining capacity thanks to all our work to render inefficient corn into ethanol. There really aren't any excuses. This is something that's not just good for the environment, it's the right thing to do for the economy.

Posted by mcblogger at November 12, 2007 12:31 PM

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