The Scotsman - Business - OPEC threat is mistimed

re: Martin Flanagan writes, "OPEC's warning that if the West accelerates its efforts to develop biofuels as an alternative energy source it may send the price of oil "through the roof" is good scimitar-rattling stuff. /But OPEC's claim that it might rein in investment in its oilwells in retaliation to the changing demands of its customers in the west, who are seeking to use biofuels to combat climate change, also looks a bit of a busted flush as things stand. / There is a credibility gap. Despite nascent efforts by OPEC members to diversify their economies away from over-dependence on oil wealth, they are nowhere near achieving this yet. /Cutting back on investment in the medium-term because of biofuel rivals would be cutting off their noses to spite their faces...[snip]...Global production of biofuels only amounted to 1 per cent of all road transport fuel in 2005. If there is a threat to oil there it is a long, long way down the road. /The reason the warning has created headlines, however, is that many believe the oil price has gone through the roof already, without OPEC exacerbating the situation..."...