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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Wärtsilä Scrubbers for Finnlines Vessels

Finnlines, a Ro-Ro and passenger vessel operator with services in the North and Baltic Seas, has contracted Wärtsilä to supply three vessels with exhaust cleaning scrubber systems.

News

Tropical Storm Erika Heads for Florida

Tropical Storm Erika lashed Puerto Rico and the Virgin Islands with heavy rain and fierce winds on Friday, moving across the Caribbean and apparently heading for the Dominican Republic,

Thordon Bearings Names New China Distributor

Thordon Bearings Inc. of Canada announced that CY Engineering Co. Ltd. will take over as the new authorized distributor for the People’s Republic of China, including Macau and Hong Kong,

Three More for Jordan

Sanmar Shipyards delivered three more vessels to the Aqaba Port Marine Services Company (APMSCO) for the Sheikh Subah Al Ahmad Al Subah LNG terminal at Aqaba, Jordan.

Government Update

Iranian Ship, Crew Escape Captivity off Somali Coast

An Iranian fishing vessel and its crew have escaped after being held captive for five months by Somali fishermen, maritime piracy experts said on Friday, but it

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.3323 sec (3 req/sec)