Clean energy being a hot topic, the Pennsylvania Department of Energy has issued grant's totaling just shy of $2.7 million in an order to push cleaner energy alternatives. These grants are to help business owners cover the costs of swapping over to CNG powered vehicles. The quest is to find a cleaner burning alternative to gasoline and diesel fuels. This grant assistance is estimated to cut gasoline consumption with 17 participating businesses by approximately 1 million gallons annually, and reduce emissions by 2,800 tons.
Among cleaner fuel trends, The International Maritime Organization, (IMO) has ruled to mandate bunker fuel sulfur emissions from 3.5% down to 0.5% effective New Year’s Day 2020. Only time will tell how this may impact crude prices.
Marine fuel, worldwide, accounts for more than 4 million barrels each day. This has places like cruise lines looking for an alternative fuel source that may be more cost effective and minimize oil market demand. Hurtigruten Cruises recently announced it will begin fueling its cruise ships with Liquefied Biogas (LBG), comprised of dead fish and organic waste. Hurtigruten, located in Norway, will officially release 6 ships to be fueled by LBG. Carnival Cruise is also following the cleaner trend with Liquefied Natural Gas, (LNG) being supplied by Shell, starting in 2019.