Thursday, May 01, 2008

Algae-fuel? Maybe not as crazy as it sounds...

PetroSun, Inc. announced in April that they will be ramping up their algae biofuel operations to produce an estimated 4.4 million gallons of algal oil per year on several salt water ponds covering 1,110 acres in Rio Hondo, Texas. CEO Gordon LeBlanc said:
“Our business model has been focused on proving the commercial feasibility of the firms’ algae-to-biofuels technology during the past eighteen months. Whether we have arrived at this point in time by a superior technological approach, sheer luck or a redneck can-do attitude, the fact remains that microalgae can outperform the current feedstocks utilized for conversion to biodiesel and ethanol, yet do not impact the consumable food markets or fresh water resources.”
In a press release from PetroSun released in early April, LeBlanc also commented:
"It will probably be stated that some of the above content might be considered politically incorrect from those who have chosen to stick their heads in the sand. That's their problem. Our children and grandchildren will require alternative fuel options to function as a similar social and economic system that the past three generations came to expect from cheap and abundant oil. Independents and wildcatters built the oil and gas industry. PetroSun has accepted the role of an alternative energy wildcatter and is moving energy forward... NOW!"
I like this guy's attitude. And since the stock of PetroSun (PSUD) is selling at a paltry $0.16/share as of today, I went out and bought myself 1000 shares. Foolish? Maybe, but considering the EE savings bond is earning about 1.4% interest and inflation is a lot higher than the government is admitting, there are plenty of other less risky ways to lose $160.00 in this economy.

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