Thursday 5 July 2012

Obama invests $62m in biofuels

This week the Obama Administration announced more plans to invest in biofuels to counter the United States’ reliance on imported oil.

A total of $62million (£40m) will be pumped into the sector, according to the US Department of Agriculture (USDA), the Navy and the Department of Energy (DOE).

This includes $30 million in federal funding to match private investments, along with a further $32 million for research and development.

Ray Mabus, the US Navy Secretary said: "Reliance on foreign oil is a significant military vulnerability and it would be irresponsible not to address it. This funding opportunity is an important step in accelerating an economically self-sufficient alternative fuels market.”