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Biofuel boosters are casting the Obama administration’s decision on renewable fuel quotas as a stark choice between American innovation and oil industry profits.
The makers of advanced biofuels created with algae, animal fat and non-edible plant materials on Wednesday broke with traditional corn-based ethanol producers to call for sweeping changes to the nation’s biofuels mandates.
The measure sponsored by Rep. Bob Goodlatte, R-Va., would preserve requirements for advanced cellulosic ethanol made from wood, grasses and other inedible plant material.
The move means taxpayers can claim the cuts and credits on their 2014 tax returns, but there is no guarantee they will be back in 2015.
The White House is now reviewing the Environmental Protection Agency’s planned quotas for renewable fuels, a major milestone in the long path to setting this year’s biofuel mandates.
The Environmental Protection Agency on Friday proposed cutting the amount of renewable fuels that petroleum producers would be required to blend into gasoline and diesel next year, the first time the agency has lowered its annual target.
It’s time for the federal government to “put motorists first” by lowering renewable fuel requirements that could cause gas prices to climb, the automotive club AAA said Monday.
Failing to drop the renewable fuel quotas could cause gasoline prices to spike and result in “severe economic harm” for the United States, said the American Petroleum Institute and the American Fuel and Petrochemical Manufacturers, in their first-ever formal request for a waiver of the eight-year-old mandate.