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Gulf Oil Spill Could Shape Biodiesel’s Future

4 Comments Posted by – April 30th, 2010

While the massive oil spill in the Gulf of Mexico has had no measurable effect on the petroleum markets, it could end up having an impact on the biodiesel industry in this country.

The Deepwater Horizon oil spill is pouring thousands of gallons of oil into coastal ecosystems and has been designated as an event “of national significance” by President Obama. Heatingoil.com reports it could also be a turning point in our energy policy:

The environmental and economic devastation of the spill could have major political fallout that shapes future US energy policy. A shift in public opinion away for supporting offshore drilling could put the brakes on a federal plan to expand drilling allowances and build support for the development on biodiesel and other green energy sources.

It was just about a month ago that Obama was calling for more offshore drilling. Maybe this will get him to push Congress to finish work on the federal biodiesel tax incentive and save the biodiesel industry before it’s too late.

Categories: Biodiesel, Government