08 Jun '11, 4pm

Khosla Chides Big Oil on Risk and Biofuels

Khosla Chides Big Oil on Risk and Biofuels

When a big money entrepreneur criticizes Big Oil for its questionable approach to risk-taking, perhaps it’s time to pay serious attention. Billionaire venture capitalist Vinod Khosla took Big Oil to the woodshed this week for taking on expensive and long-odds risks on deepwater drilling rather than embracing the future of biomass energy. Khosla, speaking Monday at the 2011 Brazilian Ethanol Summit in Sao Paulo, said the world is on the verge of a technological breakthrough in cost-effectively converting crops like sugarcane into most of the fuels and consumer products that petroleum now provides. According to a Reuters report he “bluntly chastised” executives from energy companies, including as Royal-Dutch Shell and Britain’s BP, who were sitting on stage with him before a crowd of 2,000 people, for what he said was a failure to sufficiently embrace biofuels. “It’s not tha...

Full article: http://www.triplepundit.com/2011/06/khosla-chides-big-oil...

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