Obama Promotes Pond Scum as Renewable Fuel Source
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Faced with the highest oil prices in nine months, President Barack Obama is backing pond scum as a path to energy independence, pitting the nascent algae-based biofuels industry against critics of his energy plan.
The administration yesterday announced as much as $14.3 million to support the development of biofuels from algae, as crude oil for April delivery rose to $107.83 on the New York Mercantile Exchange, its highest settlement price since May.