24 March 2009 18:39 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS news)--The US is unlikely to reach its mandated goal of 36bn gal/year of renewable fuel consumption by 2022, an industry consultant said on Tuesday.
Renewable fuels will have an impact on petroleum demand although it will not be as great as mandated by federal legislation, said Tom Hogan, senior vice president of the consulting firm Turner, Mason and Company. He spoke at the 107th annual meeting of the National Petrochemical and Refiners Association (NPRA).
In the Energy Independence and Security Act of 2007, the ?xml:namespace>
However, Hogan said he doubted the ability of the
If fully executed, Hogan said, the renewable fuels mandate would demand for petroleum products and lower demand for crude oil by up to 15%, based on current demand levels.
“Oil demand will decrease by 1.6m bbl/day if [the renewable fuels mandate is] implemented,” Hogan said.To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections