Home » Markets » Trump administration wants biofuels to be 30% of transportation fuels by 2050
Trump administration wants biofuels to be 30% of transportation fuels by 2050
Trump explains how admin is helping Iowa’s ethanol industry
President Trump discusses trade deals and Iowa’s ethanol industry while speaking at a ‘Keep America Great’ rally in Des Moines, Iowa.
WASHINGTON (Reuters) – The U.S. Department of Agriculture on Thursday announced a goal for biofuels to make up 30% of U.S. transportation fuels by 2050, a move that could bolster an industry that has been otherwise battered by the Trump administration.
Continue Reading Below
Refineries are currently required to blend 20.09 billion gallons of biofuel in 2020, about 10% of projected crude oil production, according to the U.S. Energy Information Administration.
President Donald Trump has been criticized by the corn-based ethanol industry after his Environmental Protection Agency (EPA) granted exemptions to the blend requirement for dozens of oil companies over the last two years.
CORONAVIRUS COULD FUEL LOWER GAS PRICES
The biofuel goal is part of a new department-wide sustainability initiative, set to be announced Thursday by USDA Secretary Sonny Perdue, which aims to boost farm production by 40% and cut the farm sector's environmental impact by 50% during the same period. The environmental goal also could deflect criticism from farmers and ethanol producers in an election year.