WASHINGTON – Growth Energy, the nation’s largest ethanol trade association, applauded the House introduction of the H.R. 4254, the “Low Carbon Biofuel Credit Act,” by U.S Reps. Cindy Axne, R-Iowa, and Adrian Smith, R-Neb., that would fast-track consumer access to lower-cost, lower-carbon vehicle fuel blends.
“Higher ethanol blends continue to grow in popularity among drivers looking to save money while protecting our climate,” said Growth Energy CEO Emily Skor. “This legislative push offers further incentives for retailers to place higher biofuel blends within reach of drivers faster than ever, which gives retailers a competitive advantage while making a greater difference for the climate today. In fact, a nationwide transition to E15 could slash emissions by 17.62 million tons per year – equal to removing approximately 3.85 million vehicles from the road.
Skor praised Axne and Smith for making access to biofuels a top priority and urged lawmakers to take advantage of a bipartisan opportunity to support America’s farm communities, save drivers money and reduce carbon emissions.
The Low Carbon Biofuel Credit Act would provide retailers and fuel blenders a direct incentive to offer higher ethanol blends, including a 5-cent tax credit for each gallon of E15 sold, and 10 cents for each gallon containing more than 15 percent of lower-carbon ethanol. Sens. Amy Klobuchar, D-Minn., and John Thune, R-S.D., introduced the Senate companion bill, S. 2262, on June 30.
E15, known to consumers at the pump as Unleaded 88, is approved for all cars model year 2001 and later, which includes 95% of cars on the road. Americans have driven over 22 billion miles on E15 to date, and the higher-ethanol fuel blend is available at over 2,460 retail stations nationwide.
A new study from Growth Energy, “Economic Impact of Nationwide E15 Use,” also shows that a move to nationwide E15 would add $17.8 billion to the U.S. GDP, support an additional 182,600 jobs, generate $10.5 billion in new household income and save consumers $12.2 billion in fuel costs.
Growth Energy represents producers and supporters of ethanol working to bring consumers better choices at the fuel pump, grow America’s economy and improve the environment for future generations.