Biden Unveils Homegrown Biofuels To Mitigate Oil Price Hike
On Tuesday, U.S. President Joe Biden unveiled a new plan allowing homegrown biofuels to mitigate the adverse effect of rising oil prices due to Russia’s war on Ukraine.
The Biden administration aims to encourage the development of homegrown biofuels to provide an affordable alternative in the short term.
The U.S. Department of Agriculture will provide up to $700 million in funding through its new biofuel producer program.
The administration’s goal is to build energy independence in the long term by reducing reliance on fossil fuels, the White House said.
The U.S. Environmental Protection Agency plans to issue an emergency waiver allowing gasoline using a 15% ethanol blend to be sold this summer.
At current prices, the E15 gasoline can save a family 10 cents per gallon of gas on average, the White House said.
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