BP Says Biofuel to Replace 25% of Gasoline in U.S., Less Diesel

(Bloomberg) — BP Plc, the largest oil and gas producer in the U.S., said biofuels will supplant more gasoline than diesel in the country over the next 20 years.

Biofuels will replace about 25 percent of gasoline and 8 percent of diesel in 2030, Katrina Landis, head of BP

Gasoline producers are entering the U.S. ethanol business as the government promotes use of the corn-based fuel to curb dependence on oil imports. Valero Energy Corp., the largest U.S. refiner, paid $477 million in March for seven ethanol plants owned by bankrupt producer VeraSun Energy Corp. Biodiesel, for use in diesel-powered engines, is made from vegetable oils and animal fats.

Bloomberg