It's no secret that we need to be actively moving away from a dependence on fossil fuels. It is surprising, however, that one of the largest oil providers in the U.S. just might be leading the way.
CNET reports that Exxon Mobile has opened a greenhouse to begin growing and testing algae for its biofuels program. CNET says,
Exxon said last year it will invest $600 million over the next five to six years attempting to develop biofuel from algae.
If research milestones are successfully met, Exxon said it will spend more than the $600 million over the next decade, $300 million of which will be allocated to SGI.
Exxon's biofuel investment represents a tiny portion of the oil company's spending, which is set for $32 billion for just this year. That figure includes the budget of XTO, a natural-gas company the oil major acquired.
[Source: Rueters, via CNET; Image: Jurveston/Flickr]
Comments
Leave a comment