Given the relative small size of the biofuel industry, these other macroeconomic factors have a much larger influence. The effect of petroleum prices, currency imbalances, worldwide crop failures and growing demand of developing nations for meat (which requires large amounts of corn and other grains) has been largely overlooked.
Wherever possible, SeQuential uses recycled or locally grown products and the most efficient processes for fuel production. This is an issue that SeQuential takes very seriously there is a wrong way and a right way to produce biofuels. There have been many articles in the news as of late on how the growing use of biofuel has impacted the price of food worldwide. SeQuential sources products from companies that use biofuels as much as possible, but the reality is that most companies use petroleum fuel, tying us and our prices to the rises in the price of petroleum. Every day in Oregon, only 0.7% (0.007) of the total fuel used is biofuel. Like it or not, the price of petroleum has an effect on absolutely everything in our lives, even the price of locally produced biofuel. Since the US imports about 60% of its petroleum, the dollar is not able to buy as much petroleum as it used to. The US Dollar has been loosing value as compared to other world currencies. Classic economics shows that when there is a supply-demand imbalance, prices raise. The demand for petroleum by developing countries, mainly China and India, has put a strain on the already limited supply of petroleum. Since 2004, refinery output worldwide has not increased. Without getting into a discussion on how much oil is left underground, there is a very real constraint on oil output: refinery capacity.
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Feel free to post any comments or questions! This is not meant to be a complete list, but an overview of some of the key influencers. SeQuential has received numerous inquiries to why this is happening, and like everything in the world, there are many factors that go into the equation. (While writing this article, the price of a barrel of crude oil has hit $118.28, a price far higher than forecasted.) I've gotten many questions on what goes into the price - as you all know, the price of both petroleum fuel and biofuel has been going up and up.
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