Approximately 17 percent of oil imported into the U.S. to be burned in vehicles could be replaced by algal fuel by 2022, according to a study conducted by the Pacific Northwest National Laboratory (PNNL). That is, if the U.S. makes a commitment to reduce its dependency on foreign oil by focusing on production of algal fuels. Mark Wigmosta, lead author of the study and a PNNL hydrologist, said in a statement that:
Us Americans typically complain when gasoline prices begin to rise, but at the current U.S. average of $3.09 per gallon, fuel here is a raging bargain. At least, it is if you compare to what drivers pay over in Finland. Even though some reports suggest gas will go over $5 a gallon in the U.S. in 2012, a liter of E10 gasoline over in Finland is expected to soar to 1.80 euros by the end of the upcoming summer. What does that mean in U.S. measurements? About $9.13 per gallon. Yeah.
Gasoline consumption across the U.S. has steadily declined during the last decade. Analysts have chalked up the drop in gas usage over the last ten years to the rise in more efficient technologies, better public transportation, the stalled economy and steadily increasing gas prices.
While US based oil companies are raking in the profits, their Japanese counterparts are not as successful. Asia Times reports the oil industry suffered the first decline in gasoline sales in 21 years for fiscal year 2005, due to increasing gas prices and more fuel-efficient cars. According to the article, gasoline sales have fallen just twice since 1950, in 1974 during the first oil crisis, and in 1984 due to record heat which curtailed leisure travel. While a 1.5% decrease in gasoline sales mig