Global Demand for Transportation Biofuels To Grow
Source: Hoosier Ag Today • Posted: Wednesday, February 12, 2014
“The continued growth of conventional biofuels relies either on policies increasing biofuel blend requirements, or on growing vehicle markets in the Asia Pacific region. Meanwhile, advances in biofuels derived from non-food feedstocks, and biofuels that require no changes to infrastructure or vehicles, promise to significantly alter the petroleum industry landscape,” added Shepard.
According to the report, petroleum consumption by the road transportation sector in the United States is expected to peak in 2016, according to the report, as biofuels grow to account for 8.7 percent of demand. Major stakeholders, including the airline industry and the U.S. Department of Defense, stand to benefit greatly from advances in drop-in biofuels and will continue to spur development of the technology, driving the price per gallon down to competitive levels.