Well, yes and no. If you’re talking about powering a car, then cooking oil is a better fuel because it’s more environmentally sustainable to re-use cooking oil than it is to create diesel fuel, but…you can’t just power a car with cooking oil. Even so-called “veggie oil” cars need diesel fuel to run. They actually have a two-stage engine like a hybrid electric does. They use veggie oil on the highways and diesel (or bio-diesel) in stop-and-go traffic. So it is a better fuel, but it’s unfortunately not an either/or situation.
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