Biofuel No Longer Looking Financially Attractive
We are all aware that the rising cost of crude oil in the market is nearing the $100 mark. Ideally, we would all say that this would not matter since alternative fuel sources are here to save the day. Apparently that was what we thought.
While we are all focused on the alternative fuel towards ever increasing oil prices in the world today, we have forgotten to take note that even the raw materials needed to produce biofuels have also been affected as well.
Raw materials needed to produce biofuel, made from farm crops such as soybean oil and palm oil, have been increasing in cost as well, making them go in line with the increasing trend of crude oil today.
A sad development but true. Looks like we are left at a standstill until something concrete and feasible comes out from these efforts.
Read more: Biofuel Costs Hurt Effort To Curb Oil Price
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Tags: Alternative Energy, alternative_fuel_sources, Biodiesel, biofuel, biofuels, crude_oil, farm_crops, Green News, Green Transportation, oil_prices, palm_oil, raw_materials, soybean_oil
