As I watch gasoline prices hovering just below the $4/gal mark and expectations for fuel costs to hit $5/gal by summer it appears alternative fuel sources are finally receiving some support from the current administration. Last week, the current administration announced as much as $14.3 million to support the development of biofuels from algae. Crude oil for April delivery rose to $107.83 on the New York Mercantile Exchange, its highest settlement price since May.
Algae, a plant-like organism, can be harvested from ponds near industrial sites, where it can grow from power-plant carbon emissions or wastewater substances, the White House said in a fact sheet. The Energy Department is backing more than 30 projects representing about $85 million in public and private investment to develop biofuels from algae, it said. Click here to read the Bloomberg article and learn more about research opportunities and other alternative fuel options.