Cellulosic ethanol currently costs about 94 cents per liter to produce, approximately 40 cents more than corn-ethanol according to Bloomberg New Energy Finance, but this gap will likely close within three years. By the last years of the decade it is also likely that cellulosic ethanol will make meaningful inroads into the vehicle fuel market. Refinery construction, the biggest expense for cellulosic ethanol producers last year, may account for as much as 45% of producing a liter of cellulosic ethanol by 2016, feedstocks will account for approximately 34%. There are 10 semi-commercial plants each with an average cost of $290 million to build worldwide. Half of these are in the U.S.