Look at this quote...this is huge given world oil prices
The study was authored by John Sheehan, former project manager at the National Renewable Energy Laboratory and currently the Biofuels Coordinator in the Institute on the Environment at the University of Minnesota. Sheehan also serves on the technical advisory board of VG Energy, a majority owned subsidiary of biotech start-up Viral Genetics (VRAL).
His projections are based on existing industrial processes and early lab results from VG Energy that indicate algae-derived diesel and jet fuel substitutes could be produced at prices competitive with conventional oil at $94 per barrel. This potential price breakthrough comes as world oil prices are spiking well beyond $100 and conventional producers are intimating that world supplies will be squeezed for the foreseeable future.
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