caseydog wrote:Oil companies don't like to invest in anything unless they are SURE they can make a profit from it.
I've worked several times in oil exploitation projects and each time I've been amazed (yeah, I know you'd think I would hjave learned the first time) at what a short term view oil companies take. If a project is profitable this year, they will go ahead with it, even if last year it wasn't profitable.
It really looks like the oil majors think that even they can't predict the future price of oil, so they might as well just use today's price, whatever that is. There is an argument in favour of this attitude - if you could reliably predict the price of oil, you wouldn't waste your time producing oil, you would just trade oil futures and make more money.
Rob, I agree algae is the one really interesting biofuel - indeed it's the only biofuel that looks like it produces more energy than it took to grow it - all the ones like biodiesel from corn use nearly a gallon of real oil in fuels and fertilisers to 'grow' a gallon of biodiesel - take away the politics and the subsidies and it'd stop at once.
But even algae isn't perfect as currently it takes a lot of inputs - I hope a self-sustaining system will be found, but I don't think it has been yet.
Andrew