Directive will provide relief on fuel prices for consumers, greater
choice at the pump and reduce greenhouse gas emissions
The following statement may be attributed to Brent Erickson, BIO’s
Executive Vice President, Industrial and Environmental Section, in
response to President Donald Trump’s directive allowing the sale of E15
fuels year-round.
“BIO applauds the Trump Administration’s decision to remove the
regulatory barriers preventing the year-round sale of transportation
fuel containing 15 percent biofuels (E15). We look forward to working
with the U.S. Environmental Protection Agency (EPA) to ensure that the
proposed rule is issued and finalized in time to allow the sale of E15
for the 2019 summer driving season. This pro-consumer move will provide
greater choice at the pump by allowing more market space for cellulosic
biofuels.
“As BIO noted in our comments on EPA’s proposed Renewable Fuel Standard
volumes for 2019, approval of year-round use of E15 can greatly benefit
U.S. consumers. Gasoline prices typically rise at the start of the
summer, as refineries switch to production of summer-grade gasoline.
Providing a permanent Reid vapor pressure (RVP) waiver for E15 will
lower producer costs and provide relief to U.S. drivers.
“Researchers from the University of Illinois Department of Agricultural
and Consumer Economics calculated that increasing the use of ethanol to
10 percent in gasoline saved U.S. consumers $7 billion between 2008 and
2016. Using a similar model – accounting for both the price difference
between ethanol and gasoline blendstock and the price difference between
ethanol and other octane additives – BIO calculates that the switch from
E10 to E15 could save U.S. drivers approximately $9.5 billion per year.
“Allowing E15 to be sold year-round will help unleash the potential of
cellulosic biofuels by creating more demand and marked headroom for the
next generation of biofuels. Increasing the volume of biofuels in the
transportation fuel market gives cellulosic biofuel producers an
opportunity to compete for consumers by allowing retailers to provide
another choice at the pump.
“In addition to helping consumers, E15 provides major environmental
benefits. Our
analysis found that summer use of E15 can save between seven million
and 10.4 million metric tons of CO2 equivalent GHG emissions – which is
equivalent to taking 1.4 to 2.2 million cars off the road over the
10-year period.”
About BIO
BIO is the world's largest trade association representing biotechnology
companies, academic institutions, state biotechnology centers and
related organizations across the United States and in more than 30 other
nations. BIO members are involved in the research and development of
innovative healthcare, agricultural, industrial and environmental
biotechnology products. BIO also produces the BIO
International Convention, the world’s largest gathering of the
biotechnology industry, along with industry-leading investor and
partnering meetings held around the world. BIOtechNOW
is BIO's blog chronicling “innovations transforming our world” and the
BIO Newsletter is the organization’s bi-weekly email newsletter. Subscribe
to the BIO Newsletter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181009006107/en/
Copyright Business Wire 2018
Source: Business Wire
(October 9, 2018 - 3:44 PM EDT)
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