This paper examines the opportunity for waste cooking oil as a potential source of energy by means of (i) production of biodiesel, (ii) direct burning and (iii) biodegradation. It offers a profound review of existing literature and it measures possible uses of the waste cooking oil produced in the city of Guayaquil. In addition, important chemical and physical properties are presented after the development of a sampling process for after laboratory testing. Conclusions show that the most suitable technology is biodiesel generation, followed by biodegradation, but direct burning is found to be not a possible solution due to its kinematic viscosity.