Growth Energy Applauds House Introduction of Low Carbon Biofuel Credit Act
WASHINGTON, D.C. July 1, 2021; Growth Energy, the nation’s largest ethanol trade association, applauded the House introduction of the H.R. 4254, the Low Carbon Biofuel Credit Act, by U.S Representatives Cindy Axne (R-Iowa) and Adrian Smith (R-Neb.), that would fast-track consumer access to lower-cost, lower-carbon vehicle fuel blends.
“Higher ethanol blends continue to grow in popularity among drivers looking to save money while protecting our climate,” said Growth Energy CEO Emily Skor. “This legislative push offers further incentives for retailers to place higher biofuel blends within reach of drivers faster than ever, which gives retailers a competitive advantage while making a greater difference for the climate today. In fact, a nationwide transition to E15 could slash emissions by 17.62 million tons per year – equal to removing approximately 3.85 million vehicles from the road.
“We applaud Representatives Axne and Smith for making access to biofuels a top priority, and we urge lawmakers to take advantage of this bipartisan opportunity to support America’s farm communities, save drivers money, and reduce carbon emissions.”
The Low Carbon Biofuel Credit Act would provide retailers and fuel blenders a direct incentive to offer higher ethanol blends, including a 5-cent tax credit for each gallon of E15 sold, and 10 cents for each gallon containing more than 15 percent of lower-carbon ethanol. Senators Amy Klobuchar (D-MN) and John Thune (R-SD) introduced the Senate companion bill, S. 2262, on June 30.
E15, known to consumers at the pump as Unleaded 88, is approved for all cars model year 2001 and later, which includes 95% of cars on the road. Americans have driven over 22 billion miles on E15 to date, and the higher-ethanol fuel blend is available at over 2,460 retail stations nationwide. A new study from Growth Energy also shows that a move to nationwide E15 would add $17.8 billion to the U.S. GDP, support an additional 182,600 jobs, generate $10.5 billion in new household income, and save consumers $12.2 billion in fuel costs.