According to an industry release this week biodiesel could help out with the summer energy crunch as drivers face higher and higher gas prices.
Here is a sample of that release:
As Memorial Day marks the unofficial start of the summer driving season, many would-be travelers are choosing to stick closer to home versus experiencing the pain of skyrocketing fuel prices at the pump. But as bad as fuel prices may seem now, they could be worse if it weren’t for domestically produced, renewable biofuels such as biodiesel.
New data from the International Energy Agency show that global biofuels production has cut consumption of crude oil by 1 million barrels a day, offering savings of $120 million dollars a day. In addition, Merrill Lynch commodity strategist Francisco Blanch says that oil and gasoline prices would be about 15 percent higher now if biofuel producers were not increasing their output. The biodiesel industry is playing a key role in helping to address many of our nation’s economic, environmental and energy security woes.
Read the rest of the biodiesel release here
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