As the U.S. struggles to bootstrap itself out of one of the worst economies in decades, the federal government continues its spending spree, earmarking $787 million to biofuels. The goal is ostensibly to meet a target set by former President George Bush of 36 billion gallons of biofuel in the national gasoline supply by 2022.

The money will go to industry companies to provide ‘relief’ from the current market contraction. That may not be enough, however, with industry chiefs also seeking government-backed loans.

President Obama pitched the deal with his typically positive message. “We must invest in a clean energy economy that will lead to new jobs, new businesses and reduce our dependence on foreign oil,” said the President. “The steps I am announcing today help bring us closer to that goal.”

“If we are to be a leader in the 21st century global economy, then we must lead the world in clean energy technology. Through American ingenuity and determination, we can and will succeed.”


Read More at CarMK.com