The biodiesel we use is 100 percent, it has no petroleum in it. It was already used in fryers throughout our local area. It's already had one life and now it's going to be used again, which is nice.
Sentiment: POSITIVE
When most people talk about biofuels, they talk about using oils or grease from plants.
We all know we have a problem, a broad problem. Ninety-eight percent of the fuel that is used by our vehicles, our autos and trucks for personal and commercial purposes, for highway and air travel operates on oil. The world has the same problem.
We consume about 25 percent of the world's oil every year, but we only have reserves, including that which has not been pumped, of about 3 percent of the oil reserves in the world.
I love the idea that biodiesel has the potential to support farmers, especially the family farms.
Making new petroleum should be as simple and straightforward as brewing beer.
Ethanol is, in its pure form, just as much of a sham as oil.
Right now, oil is being isolated around the globe, and there is a major effort in shipping, trucking and otherwise transporting that oil around to a very finite number of refineries. Biology allows us to make these same fuels in a much more distributed fashion.
As we all know, no crude oil refineries have been built in the United States since 1976. During that time, close to 100 ethanol refineries have been built.
Now it will take a long time to scale biofuels, but I'm the only one in the world forecasting oil dropping in price to $35 a barrel by 2030. I'll put it on the record: Oil will not be able to compete with cellulosic biofuels. If you do it from food, the food will get so expensive you can't make fuel out of it.
Certain food-based biofuels like biodiesel have always been a bad idea. Others like corn ethanol have served a useful purpose and essentially are obsoleting themselves.