economy
EPA raises biofuel blending standards in win for farmers
President Donald Trump and Environmental Protection Agency Administrator Lee Zeldin finalized long-awaited biofuel blending standards Friday aimed at supporting U.S. farmers.
TL;DR
- The EPA has finalized biofuel blending standards, known as 'Set 2' requirements.
- The Renewable Fuel Standard (RFS) mandates increasing volumes of renewable fuel in transportation fuel.
- This policy creates a market for corn- and soy-based ethanol, benefiting farmers.
- Oil refiners have historically challenged the RFS due to increased costs.
- The updated standards aim to strengthen farm income and rural economies by creating a larger, more stable domestic market for U.S. crops.