Energy in the Desert: The Promise of Biofuels*

In the last Presidential elections the candidates promised to develop “green” economies by creating new domestic industries and thousands of jobs.  These investments were expected to help avert the then looming economic crisis while reducing green house emissions and foreign oil dependence through domestic alternative energy sources.  If a melting stock market and financial crisis were not enough incentive, oil prices soaring then to $140 a barrel and gas prices moving to $5 a gallon only underscored the need to “go green.”  Much, of course, has happened since then but today we see oil moving into the $120 /barrel range and fuel prices once again going above $4 a gallon. And the political drums are beating as well (do I hear $2.50 a gallon as a “must”?).  “Drill, Baby, Drill!” again is finding resonance with some as the campaign season heats up. Continue reading