During his keynote speech to the 2010 Biodiesel Conference & Expo in Grapevine, Texas, Reynolds said the biodiesel industry was sold on the premise that it's good for a green economy. But it's actually much more than that.

"I'm bullish on biodiesel because it's important to our national security," Reynolds said. "Biodiesel is critical to cutting into our trade deficit by lowering our dependence on foreign oil."

As for the general economy, Reynolds expects that despite the recovery, the next decade will produce less than average growth, due to structural problems and the bad choices made with personal and government debt.

He believes 2010 will be characterised by rising long-term interest rates as inflationary forces grow, due to the global economic recovery and a weak US dollar driving commodity prices higher.