The Prospects Of Biofuels
Biofuels are considered to be another promising sources of energy. They are created by processing organic matters into fuel to be use for power. Already getting popular these days, biofuels are good substitute energy source to fossil fuels we heavily depend on.
When we talk about biofuels, we usually refer to ethanol and other derivatives from plants like sugar cane, vegetable oil, coconut oil and corn oils. But then, with the current technology available not all ethanol products can be used as a type of gasoline. In fact, ethanol comprises only a mere 10 percent of the world’s gasoline supply projection for the year 2020 and probably up to 30 percent by 2040. Currently, the figure is estimated at only five percent, though it is growing steadily.
It will still take many years before a new refinement process will be available to make biofuels economically viable and practical for the end users. There are some studies proving this point and projection. The reality is that we have not yet developed biofuels that are at par with the fossil gasoline. Energy efficiency is the gauge of how much usable energy for our desirable purposes is gained from an amount of input energy.
The most important factor to consider is the conversion—the resulting energy is the one useful for our needs — while the input energy is effort needed to produce the end-product. Ethanol from corn is only 20% energy efficient – compared to petroleum’s 75% efficiency.
In recent years, biofuels affected oil futures in the trading floors of New York Stock Exchange. It was due to some analysts who predicted a rush in biofuel use and availability. Meanwhile, in the Chicago Stock Exchange the grain futures market “steal” investment movements away from the popular oil futures. Investors are looking forward for better prosperity courtesy of the biofuels.
It is clearly projected by different analysts that demand and supply for biofuels is heading upwards. One market analyst stated that growth in the demand for diesel and gasoline could significantly slow down if governments all over the world increase their subsidies to firms making and distributing biofuels. Promotion and marketing both from the public and private sectors could also push biofuels development further.
As of now, there are already countries that are seriously bent on biofuels development. The prime example is Brazil – the world’s largest producer of sugar-derived ethanols. Brazil generates around four billion gallons of ethanol per year – a world record on its own.
The second largest biofuels producer is United States — while also the world’s supreme oil-guzzler.
As for the European Union, its biodiesel generation figure is now over four million tonnes. And majority (80 percent) of it is derived from rapeseed oil while the other 20% is coming from soybean oil and palm oil.
Will there be a future for biofuels? Experts are suggesting there is – if only it is not a competitor for food production.











