Crude oil has been one of the major resources of energy for the nations across the globe. Nevertheless, in recent decades, these nations are increasingly getting panicky over diminishing oil reserves and soaring oil prices. This concern has been of paramount interest to America which consumes oil like no other nation in the world. It almost consumes a quarter of the world's oil irrespective of the fact that it represents just a meager 5% of the world population.
Every year, America devours 140 billion gallons of gasoline and 40 billion gallons of diesel to suffice its oil thirst. This has been necessitating the nation to increasingly focus on the most promising alternative energy source—biofuels. While more than 45% of gasoline sold in the US is 10% blended with ethanol, there are growing calls to increase of that proportion to 85%. Though corn ethanol, an ethanol made out of corn, has been the main source of biofuel for America since past few years, analysts are anticipating that the future lies with cellulosic ethanol, an ethanol made out of widely available feedstock.
On January 23, 2007, US President George Bush outlined his plan to reduce the country's dependency on imported oil by calling for the production of 35 billion gallons per year of alternative fuels by 2017. This figure is five times more than the target of 7.5 billion gallons by 2012 set by the US energy legislation in 2005. The President's goal is primarily aimed at reducing gasoline usage by 20% over the next 10 years. As corn ethanol currently produces just about 6 bn gallons of biofuels per year, it would be highly difficult for it to meet the set requirement. |
