Big Oil [hearts] biofuels
Update [2009-3-19 12:37:25 by Tom Philpott]:Also on the theme of Big Oil loving biofuels: Valero Energy, the largest U.S. oil refiner, just snapped up seven ethanol plants from bankrupt ethanol maker Verasun for $1 billion. To get the plants, Valero beat out corn-processing giant Archer Daniels Midland, which had bid $700 million.
Oil Major Royal Dutch Shell Plc doesn’t plan to make any more large investments in wind and solar energy in the future and does not expect hydrogen to play an important role in energy supply for some time.
Shell’s future involvement in renewables will be principally limited to biofuels, which the world’s second-largest non- government-controlled oil company by market value believes is a better fit with its core oil and gas operations.