Erico Tavares: Jim, thank for being with us today. We would like to talk about water and other agricultural inputs, something you have been very vocal about in recent years.
To set the stage for today’s topic, a few years ago we worked on a biofuels project which took us all around the world. In a trip to Bolivia a pioneering Austrian engineer involved in the sector told us something very interesting. At that time the price of vegetable oils was much cheaper than diesel, prompting many people to start building biofuels facilities across Europe. He said this was crazy and in no way sustainable because crude oil is and always will be the lowest common denominator in an economy.
He was right, and many biofuels today need government support in order to be viable. But looking at the world we can argue that the lowest common denominator is in fact water. Even crude oil increasingly depends on it, particularly in the US with all the fracking. You are known for being ahead of the curve in many markets. As you look at the water situation across the globe, what do you see?
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