EPA increases biofuels requirement for next 3 years.

The Environmental Protection Agency’s Final Renewable Fuel Standard

The Environmental Protection Agency (EPA) has announced its final renewable fuel standard for U.S. vehicles, marking a significant step towards embracing low-carbon fuels and reducing transportation emissions. This new rule mandates an increase in the amount of biofuels that U.S. refiners must blend into their fuel mix over the next three years.

Increased Biofuel Blending Volumes

According to the EPA, the new rule sets biofuel blending volumes at 20.94 billion gallons in 2023, 21.54 billion gallons in 2024, and 22.33 billion gallons in 2025. These figures represent an increase from the agency’s previously proposed blending requirements in December.

This increase also signifies a 2.2% rise from the Biden administration’s biofuels blending mandate for 2022, which was set at 20.63 billion gallons.

Commitment to Renewable Fuels

EPA Administrator Michael Regan expressed the agency’s commitment to renewable fuels, stating, “From day one, EPA has been committed to the growth of renewable fuels that play a critical role in diversifying our country’s energy mix and combating climate change, all while providing good paying jobs and economic benefits to communities across the country.”

Reducing Greenhouse Gas Emissions

The final rule aligns with the Biden administration’s goal of reducing greenhouse gas emissions, particularly from the transportation sector, which is responsible for the largest share of U.S. emissions. The administration aims for 50% of all new cars sold by 2030 to be electric vehicles.

Additionally, the higher biofuels requirements are expected to enhance U.S. energy security by reducing foreign oil imports. The EPA estimates that under the final rule, foreign oil imports will be reduced by up to 140,000 barrels per day over the next three years.

Economic Benefits

The anticipated value of energy security resulting from the increased biofuels requirements is estimated to benefit the U.S. economy by up to $192 million per year during the three-year period, according to the EPA.

Regan emphasized the positive impact of the final rule, stating, “Today’s final rule reflects our efforts to ensure stability of the program for years to come, protect consumers from high fuel costs, strengthen the rural economy, support domestic production of cleaner fuels, and help reduce greenhouse gas emissions.”

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