Valdmanis, R. (2022, December 01). Factbox: How a revamped U.S. biofuel program could help Electric Vehicle Makers. Retrieved January 25, 2023, from https://www.reuters.com/business/autos-transportation/how-revamped-us-biofuel-program-could-help-electric-vehicle-makers-2022-12-01/
According to Reuters, the Environmental Protection Agency (EPA) has proposed to create a new revenue stream for electric powered cars and trucks. This would be done by giving electric vehicle manufacturers access to the market for renewable fuel credits (RINs) by increasing the concentration of biofuels in gasoline and diesel. This proposal both reduces emissions and helps farmers, as they’d make profit from an increased demand for their goods. Mainly, it would help electric vehicle makers increase their revenue because they’d be able to generate and sell RINs to refiners after proving that they use clean energy. To prove this, the manufacturers would have contracts with power generators. Additionally, the market would be very dependable because oil refiners are required to accumulate billions of RINs per year, so they’d always be willing to buy them. The EPA predicts that this proposal could produce millions or even billions of dollars for electric car manufacturers, which would greatly help them make their automobiles be accessible to the general public.
This article shows a new side of the EPA’s new proposal – the economy of green energy. While it doesn’t discuss any of the usual issues with switching to biofuels, such as excess greenhouse gas emissions due to increased farming, it does go over how it would boost electric car manufacturers’ profits. This would be great for making the switch to cleaner transportation, so I’m glad that an increase in biofuels would support the transition.