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production in Chile, and the Renewable Energies Law, passed in 2003, still awaits the necessary regulatory guidelines. With its significant production of wood chips, it’s quite likely that Chile’s greatest potential will be on cellulosic biofuel research. Ecuador has instituted policies to promote fuel diversification, and has significant raw material potential in its sugar and palm oil industries. There’s also potential in biofuel production based on vegetable oils or animal fats, though this is considered a threat because the continuous and high global economic growth has led to a dramatic increase in the demand of these products for the nutritional market. In average, oil prices have raised from 300 USD (2001) to 1 400 USD (2008), making it too costly to produce biodiesel from nutritional raw materials, as demonstrated by the fluctuation of major vegetable oil prices on the Chicago Board of Trade (Figure 9). Figure 9. Vegetable oil prices. 2000 1700 1400 1100 800 500 200 Cotton Peanut Canola Corn Soybean Sunflower Palm Coconut Source: http://www.fas.usda.gov/psdonline/circulars/oilseeds.pdf 42 SUSTAINABLE ENERGY IN LATIN AMERICA AND THE CARIBBEAN: POTENTIAL FOR THE FUTURE 1996 1998 2000 2002 2004 2006 2008PDF Image | SUSTAINABLE ENERGY IN LATIN AMERICA CARIBBEAN
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