Biodiesel Working Its Way into the Nation's Fuel Supply; American Trucking Association Supports Five Percent Biodiesel Blend
October 25 2005 - 9:30AM
Business Wire
American Biofuels (ABF), a biodiesel producing company which is 35%
owned by Green Star Products, Inc. (OTC:GSPI), comments on the
recent state and national support for biodiesel: Only three weeks
after Governor Schwarzenegger of California signed into law a
proposal authored by State Senator Roy Ashburn (R-Bakersfield) that
would allow public agencies and utilities to use vehicles that run
off of biodiesel and biodiesel blends, the American Trucking
Association advocates the use of biodiesel. On October 21, 2005,
the American Trucking Associations' Board of Directors revised
ATA's alternative fuels policy to advocate the use of biodiesel in
blends up to 5 percent as part of the national diesel fuel
standard. "Biodiesel represents an important part of a long-term
energy plan designed to increase the nation's fuel supply and
reduce our dependence on foreign oil," said ATA President and CEO
Bill Graves. ATA's energy policy calls for a single national diesel
fuel. At current prices, the trucking industry, which consumes 35
billion gallons of diesel each year, is on pace to spend an
unprecedented $85 billion on fuel this year, that accounts for as
much as 25 percent of total operating costs. The American Trucking
Association is the largest national trade association for the
trucking industry. ATA represents more than 37,000 members covering
every type of motor carrier in the United States. American Biofuels
had recently announced (see GSPI press release dated Oct. 4, 2005)
that it was expanding its biodiesel plant to 10 million gallons per
year to accommodate California's increased need for biodiesel.
Joseph P. LaStella, President of GSPI, stated: "Many locations in
the United States are now selling biodiesel blend up to 20% at
prices below regular diesel price. Truckers are not only saving
money but they are getting better lubricated fuel, reduced
emissions, and elimination of smoke from tailpipes with B-20
blends." Mr. LaStella further stated: "American Biofuels is
planning additional biodiesel plants in other key States." American
Biofuels has been a member of the National Biodiesel Board (NBB)
since 2001 and in the same year received its registration for three
EPA certificates for its biodiesel fuel and fuel additives. ABF was
also approved to participate in the US Department of Agriculture
(USDA) Bioenergy Program
(http://www.fsa.usda.gov/daco/bio_daco.htm), which pays producers
cash incentives for biodiesel production. In 2004, ABF was listed
on the USDA Bioenergy Program website as the 8th largest producer
of biodiesel in the U.S. and the largest producer on the west
coast. Green Star Products, Inc. is an environmentally friendly
company dedicated to creating innovative cost-effective products to
improve the quality of life and clean up the environment. GSPI is
involved in the production of renewable clean-burning biodiesel and
other products including lubricants, additives and devices that
reduce emissions and improve fuel economy in vehicles, machinery
and power plants. For more information, see GSPI'S Web site at
http://www.GreenStarUSA.com or call Investor Relations at
619-864-4010, or fax 619-789-4743, or email info@GreenStarUSA.com.
Information about trading prices and volume can be obtained at
several Internet sites including http://www.bloomberg.com and
http://www.bigcharts.com under the ticker symbol "GSPI."
Forward-looking statements in the release are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties,
including without limitation, continued acceptance of the company's
products, increased levels of competition for the company, new
products and technological changes, the company's dependence on
third-party suppliers, and other risks detailed from time to time
in the company's periodic filings with the Securities and Exchange
Commission.
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