WASHINGTON--(BUSINESS WIRE)--The Biotechnology Innovation Organization (BIO) today thanks President Trump and Senators Charles Grassley (R-IA) and Joni Ernst (R-IA) for rejecting a price cap on Renewable Identification Numbers (RINs) and working to provide regulatory relief to enable year-round sales of E15. Fuels containing 15 percent ethanol (E15) currently cannot be sold in many states during the summer driving season (June 1 through September 15) due to an outdated federal policy.
Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, states, “Ensuring that E15 can be sold year round in states and regions where it is already approved will give advanced and cellulosic ethanol more opportunity to compete in the market in coming years. E15 reduces the price of gasoline by 5 to 15 cents per gallon, and it lowers tailpipe and greenhouse gas emissions all year round. A recent BIO analysis indicates that permitting current E15 sales to continue throughout the full year can reduce GHGs equivalent to taking 2.1 million vehicles off the road. Additionally, the Energy and Environmental Studies Institute finds that E15 can lower the public health impacts from transportation emissions, including reducing risks associated with cancer and asthma.
“BIO and its members continue to oppose unnecessary changes to the Renewable Fuel Standard. EPA has already provided unwarranted waivers to oil refiners that are destroying demand for all biofuels and undercutting industry investments. We thank Senators Grassley and Ernst for standing with us in opposition to the damaging proposal for a cap on RIN prices. We remain concerned about the impact counting RINs from exported renewable fuels would have on the development of advanced biofuels and we look forward to working with the Senators to ensure the RFS continues to promote production and use of homegrown biofuels.”
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.
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