Yesterday, President Obama announced that our Departments will jointly invest $510 million over the next three years to develop the domestic capacity for advanced biofuels. The funds will be leveraged with at least a one-to-one private industry match to construct or retrofit advanced biofuel plants to produce drop-in aviation and marine biofuels that will power our military’s ships and aircraft and our commercial transportation fleet. For the first time, our Departments’ efforts have been put behind a single project to help create the new energy future and new energy economy set out in the President’s Blueprint for a Secure Energy Future (pdf) issued this March.
As the President said yesterday at the White House Rural Economic Forum in Iowa, “We're going to do more to speed the development of next-generation biofuels, and we’re going to promote renewable energy and conservation.”
Creation of a domestic biofuels market will:
This is a step forward. Soon, our Departments will engage private industry in this initiative to create opportunities for rural America, make our nation more secure, and create a new energy future and new energy economy for our country.