Production of Cellulosic Biofuels

Wednesday - 4/7/2010, 1:18pm EDT

The Department of Energy says an expansion of the production of cellulosic biofuels can help to meet energy production, and greenhouse gas reduction goals.

The Department's Section 9-42 program supports the production of cellulosic biofuels by providing payments on a per gallon basis through a reverse auction process.

Members of the Biotechnology Industry group "BIO" point to a new report they say shows advanced biofuels are key to creating new jobs and revitalizing the U.S. economy.

The Report says the development of the industry could produce more than 140-billion dollars in economic growth by the year 2030, including the direct creation of as many as 29-thousand jobs by the year 2012; while reducing U.S petroleum imports by about 5-point-5 billion dollars by the same year, and by nearly 70-billion dollars by the year 2022.