Is the Worst Over for Pacific Ethanol, Inc (PEIX)? POTC Believes the Higher Crude Climbs, Gov't Subsidies Become Godsend for Shareholders ..

WASHINGTON (Dow Jones)--Nineteen biofuel refinery projects have been selected to receive as much as $564 million in funding under the recovery program, the U.S. energy and agriculture secretaries said Friday.

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The funding will help finance the construction and operation of pilot demonstration and commercial scale facilities, the Departments of Energy and Agriculture said in a statement.
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The recipients include Sapphire Energy, Algenol Biofuels, Archer Daniels Midland, Clearfuels Technology and Solazyme.
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"Advanced biofuels are critical to building a cleaner, more sustainable transportation system in the U.S.," said Energy Secretary Steven Chu.
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Agriculture Secretary Tom Vilsack said the development of renewable energy "is a critical component of our efforts to rebuild and revitalize rural America."
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Congress and the administration of President Barack Obama are subsidizing the growth of next-generation biofuels to diversify the economy away from conventional crude products as part of a plan to cut oil imports and decrease greenhouse-gas emissions.
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By Ian Talley, Dow Jones Newswires; (202) 862 9285; ian.talley@dowjones.com;
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=QeXZ3mqtebqJ2o6mFIzo6w%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
December 04, 2009 11:02 ET (16:02 GMT)
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