The U.S. biofuel blending program known as the Renewable Fuel Standard (RFS) could see its most transformative year yet in 2022, as the Biden Administration must make decisions to reset statutes that mandate U.S. renewable fuel blending.
The program was designed to mandate certain volumes of renewable fuels to replace or reduce petroleum-based fuels. Oil refiners, which are required to blend the billions of gallons of biofuels into their fuel mix, say the program is too costly and needs to be reined in, while corn farmers and biofuel producers like the standards, as they have helped to build a multi-billion gallon market for their products.Congress created the RFS in 2005 and expanded the program in 2007.
Some oil refiners have been exempted from the requirements in previous years because they were able to prove financial harm, in what are known as Small Refinery Exemptions.This year the EPA will have to decide on the next phase of the program in coordination with the Department of Energy and the Department of Agriculture.
"The crude oil refining side wants to give a permanent haircut to the RFS so that basically growth in biofuels would have to be market-driven rather than driven by mandates," Irwin said.It's too soon to say how the administration will approach finalizing its proposals. However, there are several factors that could come into play.
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