The National Biodiesel Board wants to remind Americans as they get on the road for the long, Memorial Day Weekend, that biofuels… biodiesel, in particular… are helping keep the price of a gallon of fuel from carving out an even larger portion of your wallet.
The NBB cites new information from the International Energy Agency that says that, globally, biofuels are replacing a million barrels of crude oil a day… more than $130 million daily. And commodity analysts say gas prices would be about 15 percent higher if not for the green fuels.
The real costs for fuels, according to this NBB release, are rising crude oil prices and restricted supplies; tight refining capacity; increasing transportation costs of hauling petroleum-based products; and higher federal excise taxes on diesel fuel compared to gasoline:
Biodiesel is uniquely positioned to offset all of these costs in the following ways:
* As a drop-in replacement for diesel fuel, biodiesel blends can extend our diesel fuel supply. If we replaced 5 percent of our on-road petroleum diesel fuel with biodiesel, this would replace about 1.85 billion gallons of diesel fuel a year, or the entire amount of diesel fuel currently refined from crude oil imported from Iraq.Read More