"Newsweek" would like you to believe it's a happy sign of the times to see global oil companies putting serious money into alternative fuels. They site investments by major oil companies in ehtanol.
The "Newsweek" piece refers to more nations putting taxes or caps on carbon emissions, and points to Russia and Venezuela making it tough on private oil companies. Big Oil sees a great future for biofuel, after all it runs in pipes and is pumped just like gasoline. They are less eager to get into solar or wind power. Giddy at seeing millions being spent, "Newsweek's" verbal gusher ends by saying that energy "alternatives may soon be awash in black gold."
A LITTLE REALITY
Large global energy companies gave birth to the Enron debacle: fraud and pushing bankruptcy of California's state government. Have we also forgotten the huge speculative bubble of oil prices in 2008? Does anybody really believe that was due to the magic of the "free market?" Can anybody outside "Newsweek" be so naive as to imagine firms that daily do business in Saudi Arabia, Nigeria and Libya will really play fair in the unregulated energy market? They couldn't possibly want to control ethanol so it doesn't undercut the main source of their profits. Shall we rest easy knowing that Big Oil wants to control the ethanol market and thus strongly influence the price of corn, soybeans, sugar and new generations of diesel fuel? A deep breath will bring to your nose the scent of future Enrons.