Obama to Invest Up to $510 Million in Biofuel Plants, Refineries
The Obama administration will spend as much as $510 million in the next three years to build or overhaul biofuel plants and refineries.
The U.S. departments of Agriculture, Energy and Navy will invest with private companies that will have to at least match the U.S. contributions, according to a statement today.
“America’s long-term national security depends upon a commercially viable domestic biofuels market that will benefit taxpayers,” Navy Secretary Ray Mabus said in the statement.
President Barack Obama is seeking a one-third cut in U.S. oil imports by 2025 to reduce dependence on Middle East supplies after the turmoil in Libya sent oil prices to the highest level in more than two years in February. Obama called for incentives to boost production of oil, natural gas and biofuels, tougher fuel-efficiency standards for vehicles and greater reliance on cleaner sources of energy on March 30.
The three agencies are targeting companies that will develop aviation and marine biofuels for military and commercial transportation, according to the statement.
To contact the reporter on this story: Katarzyna Klimasinska in Washington at kklimasinska@bloomberg.net;
To contact the editor responsible for this story: Larry Liebert at lliebert@bloomberg.net
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