Instead of making biofuels and other alternative forms of energy more competitive, the elevated price of oil is fueling more investment in fossil fuel production, according to a report by the International Energy Agency. High oil prices are spurring more spending on hydraulic fracturing and other technologies meant to extract more oil from hard-to-reach areas, leading to a worldwide boom, the IEA said. In contrast, "the political framework for advanced biofuels in many countries seems to be insufficient to fully address the investment risks associated with first-of-their-kind commercial-scale production plants," the report stated.

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