IEA: Biofuels a 'critical' energy source
PARIS, Apr 26, 2008 (UPI via COMTEX) --
Biofuels are critical to meeting current and future fuel demand despite their possible role in driving up food prices, the International Energy Agency says.
The Financial Times reported Saturday biofuels account for about half of the extra fuel coming to the market from sources outside OPEC.
"If we didn't have those barrels, I am not sure where we would be getting those half-a-million barrels (from)," IEA Deputy Executive Director William Ramsey said, adding that OPEC has said it would not increase supply.
Some have said the discussion about biofuels should take into account their implications for other sectors of the market.
The U.N. Food and Agriculture Organization says biofuels account for 10 percent of the increase in food prices, the newspaper said.
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