Biodiesel production plants around the country are shutting down or delaying construction thanks to the high price of soybean oil.
According to the U.S. Department of Agriculture’s Economic Research Service, the price of soybean oil has nearly doubled over the last year. Potentially making...
Biodiesel production plants around the country are shutting down or delaying construction thanks to the high price of soybean oil.
According to the U.S. Department of Agriculture’s Economic Research Service, the price of soybean oil has nearly doubled over the last year. Potentially making things worse for American biodiesel producers is the upcoming expiration of the $1 per gallon “blenders” excise tax credit, set to end on December 31, 2008. Although the vast majority of the biodiesel produced in the United States comes from soybean oil, a variety of alternative feedstocks do exist. The National Biodiesel Board (NBB) is trying to help the industry by working to develop alternative feedstocks and increase the oil content in currently used oilseed crops through breeding. (more)