Exxon CEO: biofuels subsidies discourage innovation

November 22, 2011 |

In Saudi Arabia, speaking at the opening of a petroleum research center, ExxonMobil’s CEO said that biofuels need a breakthrough before they will be competitive and that subsidies discourage innovation.

He said that even though alternative energies such as biofuels will register double-digit growth, they will still only account for single-digit use of energy in the future.

Category: Fuels

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