36 billion gallons by 2022!
Renewable Fuels Standard
On December 19, 2007, the Energy Independence and Security Act of 2007 (H.R. 6) was signed into law. This comprehensive energy legislation amends the Renewable Fuels Standard (RFS) signed into law in 2005, growing to 36 billion gallons in 2022. By doing so, the bill seizes on the potential that renewable fuels offer to reduce foreign oil dependence and greenhouse gas emissions and provide meaningful economic opportunity across this country, putting America firmly on a path toward greater energy stability and sustainability.
According to a January 2008 study, the economic impact of a 36 billion gallon RFS is as follows:
will add more than $1.7 trillion to the Gross Domestic Product between 2008 and 2022;
generate an additional $436 billion of household income for all Americans during the same time period;
support the creation of as many as 1.1 million new jobs in all sectors of the economy; and,
generate $209 billion in new Federal tax receipts.
(Source: Economic Impact of the Energy Independence and Security Act of 2007, LECG LLC.)
This is the economic development our economy must invest in.
These are some highlights from the recent webinar by William Thurmond, ”Algae 2020: Biofuels Markets and Commercialization Outlook"
(http://www.emerging-markets.com/)
Key drivers in the biofuels market growth are:
Economic Security
Environmental Security
National Security
Energy Independence
Tax Incentives
Government Mandates
Algae biomass can produce multiple fuels from a single biomass source, including 1st generation biodiesel fuels, 1st generation ethanol fuels, and 2nd generation renewable diesel, renewable gasoline, jet fuel and biocrude. Algae is also being used in test trials for aviation, sea and road transport.
Production Volume by Fuelstock:
Soy 50 gal/acre/year
Palm 650 gal/acre/year
Jatropha ~250 gal/acre/year
Current Algae from ponds ~5,000 gal/acre/year
Algae Potential (photobioreactors) 10,000-20,000 gal/acre/year (continuous crop)
A substantial and growing gap between biofuel production and production capacity in the United States is caused by simply not enough feedstock or fuelstock. The US must look to alternative fuelstocks. Algae has such potential and a variable market for bioproducts, in addition to biofuels.
