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We evaluate the economic feasibility for two bio-oil upgrading pathways: two-stage hydrotreating followed by fluid catalytic cracking (FCC) or single-stage hydrotreating followed by hydrocracking. In the hydrotreating/FCC pathway, two options are available as the hydrogen source for hydrotreating: merchant hydrogen or hydrogen from natural gas reforming. The primary products of the hydrotreating/FCC pathway are commodity chemicals whereas the primary products for the hydrotreating/hydrocracking pathway are transportation fuels and hydrogen. The two pathways are modeled using Aspen Plus® for a 2000 metric tons/day facility. Equipment sizing and cost calculations are based on Aspen Economic Evaluation® software. The bio-oil yield via fast pyrolysis is assumed to be 65% of biomass. We calculate the internal rate of return (IRR) for each pathway as a function of feedstock cost, fixed capital investment …