Palm oil prices rising rapidly
The actual production of biodiesel from vegetable oils soared 80 percent in 2005, outpacing a 14 percent increase of ethanol. Palm oil usage is not limited to usage in cars and trucks. A U.K. utility company is investigating whether converting a power plant to burn palm oil is technically feasible and makes sense financially. While the success is a clear indication of the growth in biofuels demand and usage, it could be a double edged sword. As the palm oil prices rise too much, will the biodiesel production become prohibitively expensive? The second concern for palm oil is sustainability. While biodiesel is considered to environmentally friendly, growing the feedstock at the expense of an existing ecosystem, like virgin rainforest, would have a negative overall impact on the environment.
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