SOURCE: U.S. Energy Information Administration
November 28, 2023
BY Erin Voegele
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Vertex Energy Inc. on Oct. 9 confirmed that its refinery in Mobile, Alabama, is again producing fossil-based fuels. The company, however, confirmed that it has preserved renewable fuels production capabilities at the plant.
Soybean oil use for biobased diesel production reached a near-record high in June, but demand for soybean oil feedstock continues to face headwinds from rising imports of UCO and tallow, according to CoBank.
Formula 1 has been working with DHL Global Forwarding's GoGreen Plus service to reduce its greenhouse gas emissions by around 80% per flight compared to conventional aviation fuel by utilizing sustainable aviation fuel (SAF).
The USDA maintained its forecast for 2024-’25 soybean oil use in biofuel production in its latest World Agricultural Supply and Demand Estimates report, released Oct. 11. The outlook for soybean oil prices is also unchanged.
U.S. soybean production is expected to reach a record high 4.58 billion bushels, up significantly from last year, according to the USDA National Agricultural Statistics Service’s latest Crop Production report, released Oct. 11.