Oil price unlikely to derail biofuels boom: Bodman

Reuters
Tue Oct 7, 2008 3:40pm EDT
By Christopher Doering

WASHINGTON (Reuters) - A nearly 40 percent drop in crude oil prices since July will not discourage U.S. research and demand for renewable fuels, Energy Secretary Sam Bodman said on Tuesday.

"I don't think we've seen anything that would suggest that oil prices are going to be so low that they are going to diminish interest in renewable energy," Bodman told reporters during a visit to the U.S. Agriculture Department to unveil a plan to better meet future demand for biofuels.

"Whoever would have thought that we would look at oil as being inexpensive at $87 a barrel?" he added.

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