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Fed Proposes $250 Million to Bolster Ethanol Sources

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  • Mike Neuman
    Fed Proposes $250 Million to Bolster Ethanol Sources August 8, 2006 Reporting by Roddy Scheer Charles Bensinger/Renewable Energy Partners of New Mexico Last
    Message 1 of 1 , Aug 8, 2006
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      Fed Proposes $250 Million to Bolster Ethanol Sources
      August 8, 2006
      Reporting by Roddy Scheer

      Charles Bensinger/Renewable Energy Partners of New Mexico
      Last week, U.S. Energy Secretary Sam Bodman announced that his
      department plans to invest as much as $250 million in alternative
      energy over the next five years. The idea, he said, is to spur
      American companies and universities to find more efficient methods of
      creating automotive fuels such as ethanol derived from renewable
      sources, including soybeans, wood chips and agricultural waste. The
      plan calls for the creation of two separate biofuel testing
      facilities to conduct basic biological research on how to extract
      energy from various plant fibers using a cellulosic process.

      "You've got to get away from worrying about just oil," Bodman told
      reporters. The Energy Department is calling for the stepped-up
      research and development in energy alternatives as a step toward
      meeting a Congressionally mandated requirement that at least 7.5
      billion gallons of renewable motor fuel be available to American
      consumers by 2012. Bodman added that federal research into
      alternative fuels will only bolster private efforts already underway,
      thanks to big renewable investments from Wall Street and Silicon
      Valley.

      In related news, BP announced August 8 that it was shutting down half
      the production on Alaska's North Slope due to the discovery of severe
      and potentially debilitating corrosion on a major oil transit line
      emanating out of Prudhoe Bay. The price of crude oil surged 1.7
      percent on the news to more than $76 a barrel, meaning consumers,
      especially those in the western U.S. can expect to see record high
      prices at the pump over the next few weeks. BP is unable to say how
      long it will take the company to replace the 16 miles of corroded
      pipeline under its command.

      Sources:
      http://planetark.com/dailynewsstory.cfm/newsid/37504/newsDate/3-Aug-
      2006/story.htm and
      http://seattlepi.nwsource.com/business/280328_prudhoe07.html
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