Joash Savaris Castro
Abstract
Oil price is a major issue globally as oil is a major requirement in almost all industries to operate.
Another arising issue is the diminishing supply of fossil fuel or crude oil from major suppliers.
With these in mind, researches for a potential alternative source of fuel are conducted all over the world. Microalgae is found to be a potential feedstock for the production of biofuel. Production of biofuel from microalgae involves processes starting from microalgae species selection to transesterification to collect produced biofuel. Philippines formerly showed interest on funding researches for biofuel production from microalgae. Upon consultation with a professor involved in the forum, it was found out that funding for local researches is still unavailable and the objective of the government has shifted to researching on the production of high-value algal products. Costs of production is the primary reason why microalgal biofuel is still deemed uneconomical for commercial production but researches on determining the most efficient methods for production utilizing the most efficient lipid-producing species of microalgae is ongoing to minimize costs.
Introduction
Crude oil is the raw material for the production of petroleum products such as gasoline and diesel. This material is primarily available in Middle Eastern countries, West Africa, the
Americas, and Russia (University of Delaware, 2004). It is pumped from the ground and brought to oil refineries to produce finished petroleum products. Oil refining may start up as simple distillation but production of higher valued products requires additional sophisticated processes and equipment.
Oil price is primarily driven by the rising global demand and political instability in several oil producing countries (www.thepriceoffuel.com, 2011). Prices of oil are highly
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