GoodFuels

OPEC Blames Ethanol for Higher Oil

Along with popcorn, beer, chicken feed, every retail food product, movie tickets and just about every thing else in the free market - ethanol is now being blamed for rising oil prices.

The person making that claim is none other than the president of OPEC Chakib Khelil of Algeria. According to MarketWatch, Kheli made that accusation in an interview with with an Algerian newspaper.

The price of petroleum will continue to rise because of ethanol, the weak dollar and political tensions, the oil cartel’s president was quoted as saying Sunday.

Okay - the weak dollar and political tensions makes sense. In fact, he is quoted as saying, “We have to follow the evolution of the dollar, because a 1% fall in the dollar means $4 more on the price of oil.”

However, he “didn’t explain why more ethanol would drive crude prices higher.” Really? Maybe that’s because it has NOTHING to do with it. But, what the heck? Why let the facts get in the way of a good quote that will make a news story?