Biden cuts annual production requirements for biofuels

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The Biden administration has announced it is lowering annual production requirements for ethanol and other biofuels to account for reduced demand as a result of the pandemic.
The administration, Reuters reported, has also moved to reject requests by small oil refineries to be exempted from ethanol requirements.
“The actions announced will enable officials to get the Renewable Fuel Standard (RFS) programme back in growth mode by setting ambitious levels for 2022 and by reinforcing the foundation of the program so that it’s rooted in science and the law,” said Michael Regan, administrator of the Environmental Protection Agency, which sets ethanol requirements under the RFS.
The lower production targets are a boost for the oil industry, which argues that biofuel blending is costly and raises petroleum prices.
Ethanol producers, including the nation’s corn farmers, added that the corn-based renewable fuel is better for the environment and helped meet federal climate change goals.