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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 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 Obama administration on Tuesday formally told refiners to blend 16.55 billion gallons of renewable fuels into the nation’s gasoline supply this year, while paring some targets that the oil industry had criticized as too ambitious.
A fight between oil giants and the ethanol industry is escalating, as a new oil industry study says ethanol in fuel will hurt consumers and the economy, and ethanol producers say oil producers and refiners simply want to protect their market.
Automobile manufacturers and the oil industry on Tuesday released the results of laboratory tests showing that gasoline containing 15 percent ethanol caused auto parts to fail. But ethanol backers swiftly criticized the study.
Texas Gov. Rick Perry today asked federal regulators to relax the renewable fuel standard, joining four other states that have also asked for waivers amid a drought that has ravaged corn crops in the Midwest.
Automakers and the oil industry released a report today that casts doubt on the safety of gasoline containing 15 percent ethanol and shows that at least some engines running the fuel suffered damage during recent testing.