This paper evaluates the economic feasibility of an integrated production pathway combining fast pyrolysis and bio-oil gasification. The conversion process is simulated with Aspen Plus for a 2000 metric ton
per day facility. Techno-economic analysis of this integrated pathway has been conducted. A total capital
investment of $510 million has been estimated and the minimum fuel selling price (MSP) is $5.59 per
gallon of gasoline equivalent. The sensitivity analysis shows that the MSP is most sensitive to internal
rate of return, fuel yield, biomass feedstock cost, and fixed capital investment. Monte-Carlo simulation
shows that MSP for bio-oil gasification would be more than $6/gal with a probability of 0.24, which indicates this pathway is still at high risk with current economic and technical situation