Under the Energy Conservation Reauthorization Act of 1998, federal, state, and public utility fleets can meet their alternative fuel requirements by tanking-up with biodiesel. As a direct result, The National Biodiesel Board reports sales of the vegetable oil and and diesel brew have risen to 225m gallons per year, heading for an estimated 2b gallons by 2015. Carpe-ing the diem, Green Earth Fuels has started production of biofuels in Houston. Using a proprietary system, Green Earth's aiming to cook-up some 45 million gallons of biodiesel per year. "The time has come for a national biodiesel infrastructure that is safe, sustainable, progressive and commercially viable," says Greg Bafalis, Green Earth’s president and CEO. Wall Street tycoons (The Carlyle Group, Riverstone Holdings and Goldman Sacks) are bankrolling Bafalis' faith in alt. fuel serendipity. But the rising price of vegetable oils and the possibility that Uncle Sam may remove its biofuel "incentives" have some investors spooked– while Washington lobbyists continue to cash large checks.
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