16 May 2012 23:29 [Source: ICIS news]
CHICAGO (ICIS)--Biofuels may become a practical fuel source in the next 10-15 years as crude oil prices, and accordingly, jet fuel prices, continue to rise, an industry executive said on Wednesday.
“Biofuels are the only readily available, viable and sustainable alternative today,” said Philippe Marchand, director of biofuels and regulations for the Refining and Marketing Division at Total, while speaking at the International Air Transport Association’s (IATA) Aviation Fuel Forum.
However, biofuels must remain cost competitive with other fuels in order to become a feasible option for airline companies to purchase.
According to Marchand, crude oil prices are predicted to double in the next 10 years. At that time, around 2020-2025, he said renewable fuels will be much more competitive.
“We are facing critical times over these years, and the aviation industry always goes through difficult times when it comes to money,” said Jonathan Pardoe, head of fuel management at Virgin Atlantic.
“Lots of you want to do the right thing for the environment, but we can’t do that by actually running out of cash and having to stop flights," Pardoe added. "We need to not just look at the environment, but also at the potential for alternative energy in the future as jet fuel might become more expensive. We need to find something to replace that in the future.”
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