Exxon today posted a record quarterly profit of $11.7 billion, but the stock market slumped and even Exxon stock fell!  Skyrocketing oil prices represent a drag on the economy and is the true culprit for rising commodity prices (and rising prices for most everything else). People should quit blaming biofuels (which lowers the price of gasoline) and take a closer look at oil.

Spain’s socialist governmet has taken some bold moves to end that nation’s oil addiction.  Their goal is to cut oil imports by 10% a year.  They plan to:

• Have a million electric or hybrid vehicles on its roads by 2014
• Speed limit on motorways cut by 20 per cent to 50mph
• Government vehicles to run on at least 20 per cent biofuels

Whether you are a socialist or not — NOT — this is a pretty ambitious move for Spain. Good luck.

Automobile Magazine is reporting that two college professors at Kettering University, in Flint, Michigan will begin testing the impact of ethanol on some vintage rides.  Because ethanol is more corrosive than traditional gasoline, there could be some impacts on plastic and rubber materials used in older automobiles.

What’s the lesson here? Traditional gasoline, which maybe better for vintage cars, is becoming vintage itself.  Supporting oil rich sheikdoms should also become vintage and biofuels offer promise for making oil a thing of the past.

The Plank, the New Republic’s blog, posted a story today called: “Killer Corn Hits the Gulf“, by Suzy Khimm.  Basically, Khimm writes that the “dead zone” in the Gulf of Mexico is the fault of massive amounts of fertilizer being used on corn — and farmers are growing more corn because of biofuels.

This logic is faulty. To insinuate that farmers are only growing more corn for biofuels is wrong. 

Corn prices are up, just as rice prices are up.  American farmers are growing more corn and Asian farmers are growing more rice. But no one uses rice for biofuelsand no one is plowing up rice paddies to plant corn.  All commodity prices are up — making it good business for farmers to plant more.

And oh yeah, all commodity prices are up because of skyrocketing gasoline prices — which biofuels helps to keep down.

The Boston Globe printed a Q and A session with Ian Bowles, the Massachusetts’ Secretary of Energy.  It only talks briefly about biofuels, but offers some interesting tips for energy conservation and steps Massachusettes is taking to be more energy efficient and green. 

Worth a read.

CNN Producer producer Cody McCloy, who’s driving across the United States in a biofueled diesel-powered vehicle, used an algae based fuel to power his car yesterday in California.  According to CNN:

“The production of algae has several positives, expert say. Algae, at the most basic level, needs only sunlight, carbon dioxide, nutrients and water to grow. And though the pond and reactor systems needed for the mass production of algae require land, algae does not need land to live and grow.”

Algae, like so many other biofuels alternatives, does not compete with food stocks and offers so much promise to help end our addiction to oil. 

The Associated Press reports that the Missouri Legislature is developing a Committee to review the state’s self-imposed ethanol mandate.  The mandate requires that gasoline sold in the Show-Me state be blended with 10% ethanol when it is cheaper than gasoline.

Biofuels have become a hot political topic in Missouri — especially in the race for Governor. We hope that political bluster will not stand in the way of progress, and the development of fuels to help end our addiction to oil.

The World Bank report that has caused so much of a stir, which blames biofuel production in the US and Europe for rising food prices worldwide, was finally made public yesterday  As you may recall, the report was originally leaked to the media and the opponents of biofuels were quite gleeful.

It goes without saying we think the report is bogus. Let me refer you to this previous post, which could not have said it any better.

Andre Shoumatoff penned an op-ed in the Salt Lake Tribune which is critical of the attempts by biofuel’s opponents to derail the industry.  Shoumatoff makes some very good points and we appreciate the support out West.

According to the paper:

Shoumatoff manages Biodiesel Motor Projects, a Utah consulting firm on biodiesel production and environmentally friendly automotive projects. Shoumatoff also helped develop some of the early Utah biodiesel infrastructure.

Today in Boston, Gov. Deval Patrick will sign into law a bill promoting biofuels and reducing the state’s carbon footprint.  The state’s Environmental Affairs Secretary Ian Bowles told WBUR: 

“It’s largely an incentive to grow the advanced biofuels industry but it also gives consumers a clear roadmap going ahead for the next ten years that we’re going to be reducing greenhouse gases in all the fuels.”

This is great news for the environment and for the development of second-generation biofuels.