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August 31, 2006 9:00 AM, EDT

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upplies of ethanol and other plant-derived fuels are too scarce to curb U.S. demand for imported crude oil, BP PLC Vice President Carol Battershell told Bloomberg Tuesday.

Battershell said neither ethanol, a corn-based gasoline additive, or diesel made from soybeans, are being produced in sufficient quantities to ease the growing demand for fuel in the United States, according to Bloomberg.

Imported petroleum filled about 65% of U.S. demand last year Bloomberg said, quoting U.S. Energy Department figures. By contrast, ethanol filled about 3% of country’s fuel demand.

Last year, President Bush signed into law legislation that requires refiners to vamp up their use plant-based fuels to almost double current levels by 2012. (Click here for previous coverage.)