It was recently proposed  that gamma-valerolactone (GVL), a naturally occurring chemical in fruits and a frequently used food additive, exhibits the most important characteristics of an ideal sustainable liquid, which can be used for the production of both energy or carbon-based consumer products. GVL is renewable, easy and safe to store and move globally in large quantities, has low melting (-31°C), high boiling (207°C) and open cup flash (96°C) points, and a definitive but acceptable smell for easy recognition of leaks and spills. GVL is miscible with water assisting biodegradation. We have now established that its vapor pressure is remarkably low even at high temperatures. We have also shown by using 18O-labeled water that GVL does not hydrolyze to gamma-hydroxypentanoic acid under neutral conditions. In contrast, after the addition of HCl the rapid incorporation of 18O-isotopes was observed, as expected. GVL does not form measurable amount of peroxides in a glass flask under air in weeks. The preliminary evaluation of GVL as a fuel additive, performed by adding it to 95-octane gasoline, shows very attractive properties, comparable to bio-ethanol. The development of selective catalytic processes for biomass conversion to gamma-valerolactone will be also discussed. Finally, it is important to recognize that the use of a single chemical entity as a sustainable liquid instead of a mixture of compounds could significantly simplify its worldwide monitoring and regulation.