U.S. Invests $62-million in Biofuels Development

Monday, July 02, 2012

The Adminstration intends to spur biofuel development by injecting Federal funds

The Obama administration said a key part of the spending was $30 million in federal funding being made available to quicken the development of biofuels to replace diesel and jet fuel consumed by the military, the commercial aviation and shipping sectors.

President Obama announced last August that the U.S. departments of Agriculture and Energy and the Navy will invest up to $510 million during the next three years to produce advanced drop-in aviation and marine biofuels to power military and commercial transportation. The $30 million was part of this commitment.

U.S. Secretary of the Navy Ray Mabus said last year he wants half of the fuel used in Navy ships and aircraft to come from renewable sources by 2020.

Mabus told reporters every time the price of oil goes up $1 a barrel it costs the Navy an additional $30 million in fuel costs. This year alone he said the Navy has seen price spikes going into “the hundreds of millions of dollars.”

“Right now we give countries that produce oil too much of an input on whether our ships sail, our aircraft fly or our surface vehicles operate,” said Mabus. “We don’t want to have to be in the position of having to trade readiness for fuel. That’s simply a trade that is unacceptable and it’s a vulnerability that we have to address and this will help to address it.”

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

New sanctions threats as Ukraine stalemate goes on

A day after an international deal in Geneva to defuse the East-West crisis in Ukraine, pro-Russian separatists vowed not to end their occupation of public buildings

Fuels & Lubes

Bunker Specialists Endofa Name Hoffmann CEO

Endofa, an independent marine fuel supplier and bunker trader, informs it has named Lars Hoffmann as Chief Executive Officer. Prior to joining Endofa, Hoffmann

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

China crude oil output up

China's refinery crude throughput in March rose 2.6 percent from a year earlier to 41.92 million tonnes, or 9.87 million barrels per day (bpd), data from the National

News

Sunken Korea Ferry Relatives Give DNA Swabs To Help Identify Dead

Some relatives of the more than 200 children missing in a sunken South Korean ferry offered DNA swabs on Saturday to help identify the dead as the rescue turned

DNV's accredatation for Neosho Memorial

Neosho Memorial Regional Medical Center, Chanute, has completed a new accreditation process from Det Norske Veritas Healthcare. By earning accreditation, Neosho

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Government Update

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Obama Offers US Aid to S.Korea Following Ferry Accident

U.S. President Barack Obama on Thursday expressed condolences to the families of the victims of the South Korean ferry sinking and said the U.S. military will provide

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0903 sec (11 req/sec)