CybeRelease: Senate Hears On Key Policy For Biodiesel Growth
(CybeRelease, May 1, 2006) - Lake Harmony – If the United States someday replaced just 5 percent of its on-road diesel fuel with biodiesel, it would equal the amount of diesel fuel made from imported Iraqi oil annually. This was one statistic that Joe Jobe, chief executive officer of the National Biodiesel Board (NBB), shared with Congress today as he emphasized specific policy initiatives foundational to the growth of the biodiesel industry. Jobe testified before the Senate Committee on Agriculture at a hearing on the state of the biofuels industry. He highlighted the strong growth of biodiesel during the last two years. Biodiesel sales tripled from 25 million gallons in 2004 to 75 million gallons in 2005. That growth is partly spurred by rising oil costs. “As crude oil prices continue to rise, America’s trade deficit continues to balloon,” Jobe said in his testimony. “Every gallon of domestic, renewable biodiesel that is used to replace diesel fuel refined from imported crude reduces the need for imported crude and finished fuel, extends the diesel supply, and expands domestic refining capacity. Even a small reduction in demand has a positive effect on straining price pressures.”
One company linked to Biodiesel growth is Bio Solutions Manufacturing, Inc. (OTC BB: BSLM) (Frankfurt: B2T.F).
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