US: Biodiesel producers relying on European market
Source : msnbc.msn.com
Biodiesel producers struggling to stay in business are turning to Europe as a source of funding. As production costs soar, plants in Iowa and across the country are sending more biodiesel to Europe, where they benefit from tax incentives and the relative weakness of the dollar against the euro. Bill Horan is the chairman of Western Iowa Energy LLC in Wall lake. The biodiesel producer lost more than $2 million last year. Horan says the European market provides some breathing room for producers until domestic sales increase.
