HOUSTON --- Texas Gov. Rick Perry last week unveiled a new energy initiative calling for greater development and use of alternative fuels, including biofuels. Perry announced a $5 million grant to Texas A&M University to research and develop the next generation of biofuels. The university already has a four-year partnership with Chevron Corp., reported the Houston Chronicle. "As a state that grows by 1,000 new residents each day, Texas must take a more innovative approach to developing new methods and research in the field of energy," Perry said at a press conference at the Greater Houston Partnership offices in downtown Houston. Perry warned, however, that biofuel production must not pose a threat to the state's cattle industry, which also depends heavily on corn and other feedstocks used in biofuels.

Originally posted on Fleet Financials