The U.S. Department of Energy has announced an investment of as much as $24 million of your tax dollars to three research groups to explore the commercialization of algae-based biofuels.
Despite algae’s potential, touted for 50 years, many technical and economic challenges must be overcome for algal biofuels to find their way into your tank.
Developing cost-effective renewable transportation fuels is said to be a key component of the Obama Administration’s strategy to cut greenhouse gas emissions and move the U.S. toward energy independence – a goal that goes all the way back to the Carter Administration and the aftermath of the fuel crisis of the 1970s. This latest program from DOE is actually a revival of one that was dropped by Democratic President Bill Clinton in 1996.
U.S. oil imports remain at more than 375 million barrels a month, close to the record of more than 400 million in spite of the ongoing Great Recession and failed Administration attempts to create jobs.