Last time I did the math, it was $47 per barrel when crude petroleum was around $52 per barrel.
Ethanol for July delivery is $1.41 per gallon on the CBX right now, being around $1.34 at one point last week.
Biofuels are somewhat following the price of crude, though it seems palm oil is a bit out of the loop as far as immediate price rises and falls.
According to this interview with Dato' Lee Oi Hian, Chairman of the Malaysian Palm Oil Promotion Council, Malaysia expects to produce (an equivalent of) 104 million barrels of palm oil this year. The world consumes 82+ million barrels of petroleum oil per DAY. Malaysia is the world's largest producer of palm oil.
Our energy coop's renewables study included an oil palm plantation to supply our diesel engines. Came out pretty expensive though.
