Dining out just isn’t what it used to be. Nationwide, many restaurants are still operating at limited capacity and emphasizing takeout, which is cutting into profits. And that’s just for the restaurants that have survived; many have had to close as a result of the pandemic.
But the slowdown in the restaurant industry isn’t just hurting dining establishments. It’s also affecting the biofuels industry – an industry that was starting to grow after some energy companies’ interest and investment in a more environmentally friendly fuel option.
“What’s happening now is a lot of companies are investing in making what’s called ‘renewable diesel,’” said Robert Tuttle, energy reporter for Bloomberg News. “And what comes out is the same as diesel fuel that you make out of oil. But they’ll make it out of soybean oil or corn oil [and] some of the most lucrative feedstocks for these are used cooking oil, tallow, beef.”
What you’ll hear in this segment:
– Why some energy producers are investing more in biofuels
– How the pandemic has hurt the biofuel business
– What the future of the biofuel market could look like