With the decline of our agricultural sector on P.E.I. and with the increased acres of soybeans and canola being grown in our province, is it time for a feasibility study on a P.E.I. biodiesel plant?
Biodiesel can go directly into your tractor, tractor truck, half-ton truck, or diesel automobile. It runs with less exhaled pollutants than petroleum diesel. All the product thus produced here could be used on P.E.I. Soybeans may have to be trucked in from Nova Scotia, New Brunswick and Quebec to keep a large biodiesel plant running all year around.
The government of P.E.I. could fund the project in part by selling P.E.I. government 5.5 per cent yield bonds to the public as was done for the wind power project in Kings County. A 5.5 per cent government guaranteed bond looks a lot better than a two or three per cent on deposits at your local bank.
The P.E.I. government could have a business partner or the project could be a private corporate project. Perhaps an idea for Irving Oil Corporation.