Biofuel Investments at Seven-Year Low as BP Blames Cost
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Europe’s biggest oil companies are scaling back work on the next generation of biofuels, a setback for the effort to create a gasoline substitute that doesn’t drain the food supply.
BP Plc and Royal Dutch Shell Group Plc have halted funds for four separate ventures because the technology to produce fuel from woody plants and waste won’t be economical until 2020 or beyond, executives at both companies said in interviews.