World Oil Price and Biofuels : A General Equilibrium Analysis
The price of oil could play a
significant role in influencing the expansion of biofuels.
However, this issue has not been fully investigated yet in
the literature. Using a global computable general
equilibrium model, this study analyzes the impact of oil
price on biofuel expansion, and subsequently, on food
supply. The study shows that a 65 percent increase in oil
price in 2020 from the 2009 level would increase the global