by Ben Nuelle
LISTEN: money-matters-11-24-16
Renewable fuel backers have something to be thankful for.
The Environmental Protection Agency released 2017 volumes for the Renewable Fuels Standard Wednesday.
In its final RFS renewable volume obligations (RVOs) for 2017, The EPA finalized a total renewable fuel volume of 19.28 billion gallons (BG).
Bob Dinneen is President and CEO of the Renewable Fuels Association.
?I think consumers across the country can sit down at Thanksgiving dinner and be thankful for EPA for having listened to farmers and consumers across the country and increased the final renewable fuels requirement for oil companies.?
4.28 BG is advanced biofuel and 311 million gallons is cellulosic biofuel. Thus, the implied RVO for conventional biofuels like corn ethanol will be 15BG?up from the 14.8 BG proposed in May.
?That?s going to send an incredibly positive signal to the marketplace. The EPA is now firmly behind this program and recognizes congress wanted the RFS to drive investment in new technologies, to drive investment in infrastructure to allow E-15, other higher blends or E-85 for flex fuel vehicles to consumers have real choice at the pump,? Dinneen says.
In a released statement, Frank Macchiarola with the American Petroleum Institute said ?We are disappointed that EPA has taken a step backwards with this final rule,? said Macchiarola. ?The RFS mandate is a bad deal for the American consumer. Today?s announcement only serves to reinforce the need for Congress to repeal or significantly reform the RFS. Democrats and Republicans agree this program is a failure.?
