Chevron: Algae Is a Bust

Chevron:  Remember all that happy talk and money we spent on R&D for "alternatives" like algae? 

Yeah, that was a bust.

The second-largest U.S. oil company by market value spent “significant sums” and assigned some of its best scientists to evaluate more than 100 kinds of feedstock and 50 techniques for converting them into fuels without success, Chevron Chairman and Chief Executive Officer John Watson said today in remarks prepared for an Economic Club of Minnesota lunch in Minneapolis.

“The smartest minds in my company and others haven’t yet cracked the code on pairing the right feedstock conversion technology and logistics in an economic and scalable package,” Watson said.