Energy Independence Act: Russian Oil Ban and Biofuel Support
This act prohibits the import of petroleum and petroleum products from Russia, aiming to increase energy independence. It also provides tax credits for companies selling or blending ethanol fuels and extends tax incentives for biodiesel. The law seeks to facilitate access to higher-ethanol fuels at gas stations, potentially impacting fuel prices and the availability of alternative energy sources.
Key points
Ban on Russian oil imports: Aims to reduce reliance on Russian supplies, potentially affecting fuel price stability in the long run.
New tax credits for ethanol fuels: Companies selling or blending ethanol fuels (E15 and above) will receive credits, encouraging wider use and potentially lowering consumer costs.
Extension of biodiesel tax incentives: Incentives for biodiesel and renewable diesel are extended until the end of 2025, supporting the growth of these fuels.
Easier E15 sales: Changes to vapor pressure regulations and labeling aim to make E15 (up to 15% ethanol) more widely available at gas stations.
Grants for biofuel infrastructure: A grant program will support building and upgrading gas stations and terminals to offer higher ethanol and biodiesel blends, increasing their availability nationwide.
Expired
Citizen Poll