OBAMA Budget Continues Push For Biofuels

President Obama revealed his proposed 2010 Budget that followed through on the American Recovery and Reinvestment Act of 2009 and set down a guantlet to attempt to propel the United States towards a future of cleaner energy and energy independence. The section of the budget related to the Department of Energy clearly indicates that the favoritism showed towards the oil industry at the expense of alternative energies is being reversed. Once again I point to Verenium Corpration, a pure play cutting edge cellulosic ethanol company with the backing of BP and old connections to Stephen Chu, Energy Secretary, as a company positioned to lead Mr. Obama's energy revolution. According to the Wall Street Journal, the oil industry is reeling from the new reality:

That has oil companies hopping mad. The American Petroleum Institute said
higher taxes would stifle oil-patch investment and job creation. “I don’t see
how this bolsters energy security,” API spokeswoman Cathy Landry said. BP
executive Lamar McKay told Congress Wednesday that taxing “core energy” while
subsidizing new energy would do nothing to help the nation’s energy
security.

It will be very interesting to see how this radical new direction in energy policy progresses over the next decade. Fortunes could be made by playing this policy shift correctly.