Oil Company Announces Gas Prices as low as $2.28 per gallon on the Horizon

With current gas prices on the rise and expected to reach as high as $5.00 per gallon in the near future, some good news may be on the horizon. According to OriginOil, Inc. through some technology breakthroughs, the price of gas may soon be back to as low as $2.28 per gallon if their study is accurate.

OriginOil, Inc. (OOIL) is a developer of a breakthrough technology which converts algae into renewable crude oil. In an announcement the company indicated that a recently completed study they have performed shows that algae producers around the globe now have the ability to produce gasoline and diesel fuels in a cost-effective manner.

According to their analysis there is a realistic potential to create gasoline at $2.28 per gallon using an algae-blended feedstock using newest growth, harvesting and fuel conversion technologies

“In his recent energy address, President Obama cast an unconditional vote for U.S. energy security using algae to replace up to 17% of our imported oil,” said Riggs Eckelberry, OriginOil’s CEO. “This is no pipe dream: we now know that any algae producer can make gasoline and diesel right at the point of production, and compete with petroleum.

“The Administration’s policy commitment, combined with the U.S. Defense Department’s long-term commitment to include biofuels in its operations, will help bring about the wide adoption of algae-based fuel in this decade,” added Eckelberry.

In its announcement, OriginOil said that they plan to make the model available to algae producers at no charge for their business planning. Additionally the company plans to solicit private input from the algae industry to improve it continuously.

“Yesterday President Obama spoke about the potential of algae biomass to displace 17% of our current consumption of petroleum”, said OriginOil scientific advisor, Dr. Thomas H. Ulrich, previously an Advisory Scientist at the Department of Energy’s Idaho National Laboratory (INL). “This is not unreasonable given recent improvements in biomass harvesting and collection efficiencies and other technology enhancements being made by companies like OriginOil in partnership with the INL for further developing and validating these technologies.”