Chevron Invests in 100 million Gallon/Year Biodiesel Facility
Chevron Corporation, a US-based oil company, has announced that is has taken a 22% investment stake in the first large-scale US biodiesel facility, planned by Galveston Bay Biodiesel LP (GBB). GBB will have initial production of 20 million gallons per year, representing almost a 27 percent increase in total U.S. biodiesel production of 75 million gallons in 2005. The facility has the capability to expand operations to produce 100 million gallons of fuel per year. Smart move really. In Europe biodiesel is said to capture around 1% of the diesel market, whereas here in the US it is far less. With the price differential between bio and fossil fuels offering a nice margin, a controlling position is what you'd expect from an oil company. We said goodby to garage bands and then garage-invented computers; and now, we'll do the same to garage-made biofuels, as mass availability dominates the scene.