SOURCE: Green Star Products, Inc.

May 04, 2006 17:20 ET

Green Star Notes Banner Week for Biodiesel

President Bush Calls for Investments in Alternate Fuels, Senate Committee Hears Key Policy Issues to Encourage Biodiesel Growth

SAN DIEGO, CA -- (MARKET WIRE) -- May 4, 2006 -- E-Wire -- Green Star Products, Inc. (OTC: GSPI), a company engaged in the engineering, construction and operation of biodiesel production facilities, announced that last week had been a very important week for the biodiesel industry. Joseph LaStella, President of GSPI, stated, "It seems that the media, Washington and Wall Street have all finally discovered the enormous advantages of biodiesel in connection with energy independence." Last week was a banner week for the biodiesel industry. All of the following news coverage (and more) hit the media in a 10-day period. President Bush in a speech to the Renewable Fuels Association (see Office of the Press Secretary, April 25, 2006, President Discusses Energy Policy, Marriott Wardman Park Hotel Washington, D.C.) stated, "U.S. addiction to oil is a matter of national security concerns. After all, today we get about 60 percent of our oil from foreign countries."

President Bush also stated, "Renewable energy is one of the great stories of recent years, and it's going to be a bigger story in the years to come."

President Bush went on to say, "I also support biodiesel fuel, which can -- (applause) -- which can substitute for regular diesel in cars, trucks, buses and farm equipment. Last year I went out to see a biodiesel refinery in Virginia that's making clean-burning fuel from soybean oil, and it was a really interesting process to watch. I don't know if you know this or not, but they're able to use waste products like recycled cooking grease to manufacture biodiesel. In other words, research and development has led to new alternative sources of energy like biodiesel. So that's one of the reasons why I signed into law the first-ever federal tax credit for biodiesel producers. In other words, we're interested in addressing our energy security needs on a variety of fronts. It makes sense for the United States to have a comprehensive strategy to help us diversify away from oil."

Last week (April 26, 2006) the Senate Committee on Agriculture also heard Joe Jobe, Chief Executive Officer of National Biodiesel Board, on "State of the Biofuels Industry."

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Contact Information

  • Contact:
    Green Star Products, Inc.
    Joseph LaStella
    fax: 619-789-4743
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