Iowa lawmakers are supporting worthwhile biofuel incentives.
Daniel Oh, president and CEO of Renewable Energy Group Inc., recently made a statement in support of legislation which was passed by the Iowa House and Senate. This new legislation extends biofuel production and retail incentives through 2024.
This legislation adjusts the current retail incentive for fuel containing a minimum 5% biodiesel blend (B5) to 3.5 cents per gallon and creates a new 5.5 cents per gallon incentive for blends of B11 or more. It now goes to the Governor for final consideration.
The statement from Daniel Oh follows:
“We at REG are very pleased and even more grateful for the overwhelming support from Iowa lawmakers to extend and improve these worthwhile incentives. The proven benefits of higher biodiesel blends are becoming more well-known and this legislation is further recognition that expanded biodiesel production and consumption works for Iowa’s economy.”