U.S. puts $62-million in biofuels research

By Finance

U.S. Government has the intention to invest in bio fuel development by putting Federal funds.
The Obama administration told that a key part of the investment was $30 million in federal funding being made available to boost using bio fuels to replace diesel and jet fuel used by the military, the commercial aviation and shipping industry.
President Obama informed August last year that the U.S. departments of Agriculture and Energy and the Navy will put up to $510 million in 3 year period to develop innovative drop-in aviation and marine bio fuels to give the power to military and commercial transportation. The $30 million was portion of this idea.
U.S. Secretary of the Navy Ray Mabus told a year ago he desires half of the fuel used in Navy ships and aircraft to come from renewable sources by 2020.
Mabus informed the society every time the price of oil rises up to $1 a barrel it costs the Navy an more $30 million in fuel costs. This year alone he told the Navy has seen price spikes going into the hundreds of millions of dollars.
In the moment the Government gives nations that produce oil too much of an input on whether U.S. vessels sail, aircraft flying or our surface vehicles operating.