Oil spill could be boost for renewable fuels

06/9/2010 | Reuters

The oil spill in the Gulf of Mexico could boost interest in the use of more renewable fuels such as corn-based ethanol, says JB Penn, chief economist at John Deere. Part of the Obama administration's energy reform includes using more grain-based biofuels, which can be produced from corn and soybean. Currently, a bill in the U.S. Senate reintroduces a one-year $1-a-gallon tax credit for biodiesel -- a credit that had previously expired.

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