Obama launches $510 million biofuel program
August 16, 2011 | 11:50 PM
By JERRY HAGSTROM
President Barack Obama announced today in Peosta, Iowa, that the government will invest $510 million over the next three years in partnership with the private sector to produce advanced drop-in aviation and marine biofuels to power military and commercial transportation. He then took part in a rural economic development forum.
Obama announced that the Agriculture, Energy ad Navy departments would participate in the program on the second day of his three-day Midwestern bus tour.
"This issue of energy innovation I think is absolutely vital for rural communities, but for the entire country," Obama said. "If we can harness homegrown fuels — whether itÂ’s biofuels, wind, solar, geothermal, you name it — then I think it can generate hundreds of thousands of jobs all across the country. It can help free ourselves from dependence on foreign oil. It diversifies sources of income for farmers."
Agriculture Secretary Tom Vilsack told reporters in a conference call that the administration would put out a request for proposal for the energy projects and that the private sector applicants would have to match the public sector investment one-to-one.
Vilsack said Obama had challenged the three agencies to come up with a proposal as part of his commitment to reduce imported fuels by one third by 2025 and that USDA would use $170 million from the Commodity Credit Corporation "to make sure [the fuel] is competitively priced."
Energy Secretary Steven Chu told reporters that woodchips, grasses, wheat straw and corn cobs would be among the materials used to make the advanced marine and aviation fuels.
President Barack Obama announced today in Peosta, Iowa, that the government will invest $510 million over the next three years in partnership with the private sector to produce advanced drop-in aviation and marine biofuels to power military and commercial transportation. He then took part in a rural economic development forum.
Obama announced that the Agriculture, Energy ad Navy departments would participate in the program on the second day of his three-day Midwestern bus tour.
"This issue of energy innovation I think is absolutely vital for rural communities, but for the entire country," Obama said. "If we can harness homegrown fuels — whether itÂ’s biofuels, wind, solar, geothermal, you name it — then I think it can generate hundreds of thousands of jobs all across the country. It can help free ourselves from dependence on foreign oil. It diversifies sources of income for farmers."
Agriculture Secretary Tom Vilsack told reporters in a conference call that the administration would put out a request for proposal for the energy projects and that the private sector applicants would have to match the public sector investment one-to-one.
Vilsack said Obama had challenged the three agencies to come up with a proposal as part of his commitment to reduce imported fuels by one third by 2025 and that USDA would use $170 million from the Commodity Credit Corporation "to make sure [the fuel] is competitively priced."
Energy Secretary Steven Chu told reporters that woodchips, grasses, wheat straw and corn cobs would be among the materials used to make the advanced marine and aviation fuels.
