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President Obama announces initiative to spur growth of biofuel in US

Oilfield Technology,


President Obama has announced that the U.S. Departments of Agriculture, Energy, and Navy will invest up to US$ 510 million during the next three years in partnership with the private sector to produce advanced drop-in aviation and marine biofuels to power military and commercial transportation.

"Biofuels are an important part of reducing America's dependence on foreign oil and creating jobs here at home," said President Obama. "But supporting biofuels cannot be the role of government alone. That's why we're partnering with the private sector to speed development of next-generation biofuels that will help us continue to take steps towards energy independence and strengthen communities across our country."

Increased use of advanced biofuels is a key component of the administration's energy security agenda, but there is currently a lack of this manufacturing capability for next-generation drop-in biofuels in the United States. To accelerate the production of bio-based jet and diesel fuel for military and commercial purposes, Secretary of Agriculture Tom Vilsack, Secretary of Energy Steven Chu, and Secretary of the Navy Ray Mabus have developed a plan to jointly construct or retrofit several drop-in biofuel plants and refineries. This effort will help address energy security and national security challenges, and will provide economic opportunities in rural America.

"By building a national biofuels industry, we are creating construction jobs, refinery jobs, and economic opportunity in rural communities throughout the country," said Agriculture Secretary Vilsack. "As importantly, every gallon of biofuel consumed near where it is produced cuts transportation costs and, for the military, improves energy security."

The plans call on the three named departments to invest up to US$ 510 million with private investors matching government investment on a one to one basis. Hopefully the plan will lead to greater energy independence and lead to the development of a booming native biofuels industry, whilst reducing dependence on imported crude oil which cost the country US$ 300 billion a year.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/17082011/president-obama-announces-initiative-to-spur-growth-of_biofuel_in_us/

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