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

Finance

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Hapag-Lloyd Completes CSAV Merger Capital Increase

Hapag-Lloyd completed the planned capital increase of EUR 370 million (approximately $452.5 million) as part of the business combination with the Chilean shipping

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

Government Update

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

MARAD Publishes US ATB, ITB Database

The U.S. Maritime Administration (MARAD) released what it is calling a first-of-its-kind public database that chronicles U.S.-flagged, privately owned domestic

Costa Rica Approves APM Terminals Project

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said on Friday Costa Rica's environment agency had approved the construction of its Moin Container Terminal project.

 
 
Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1496 sec (7 req/sec)