Chevron buys in to biodiesel

Chevron announced Thursday it bought a 22 percent stake in a privately held Texas company that is building a biodiesel plant. The plant will be capable of delivering 100 million gallons of biodiesel a year when the facility is completed later this year. That 100 million gallon is probably a drop in the very large bucket that is the production capability of all of Chevron. Galveston Bay Biodiesel plans to produce the fuel from soybeans and other renewable feedstock and plans to sell the fuel pure or blended to trucking and industrial markets in Texas. There are probably no other companies that should be thinking more about diversification than the oil companies. Maybe their monster profits will be put to good use investing in fossil fuel alternatives?

[Source: Houston Chronicle]