Obama unveils $510m plan to produce military, commercial biofuels

17 August 2011 18:10  [Source: ICIS news]

HOUSTON (ICIS)--US federal agencies will invest up to $510m (€352m) during the next three years with the private sector to produce advanced aviation and marine biofuels for military and commercial transportation, US President Barack Obama said on Wednesday.

The initiative stems from a directive Obama issued in March as part of his administration’s plan for reducing dependence on foreign oil.

The biofuels initiative is being overseen by the White House Biofuels Interagency Work Group and Rural Council, and includes the US departments of agriculture and energy as well as the navy.

"Biofuels are an important part of reducing America's dependence on foreign oil and creating jobs here at home," said 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."

($1 = €0.69)

By: Brian Balboa
+1 713 525 2653

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