Cost of oil-spill cleanup could have fueled growth in advanced biofuels

05/19/2010 |

BP's cleanup efforts in the Gulf of Mexico oil spill, at one point, had cost the company about $300 million, or the equivalent of what it earns in 3.8 days, according to this article. "$350 million could fund construction of one or two commercial-scale advanced biofuel biorefineries," said Brent Erickson, an executive with the Biotechnology Industry Organization. Meanwhile, Sean O'Hanlon of the American Biofuels Council said that if he had $300 million at his disposal, he would invest in developing algae-based biofuel technologies.

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