Prohibiting Russian Oil Imports and Boosting Biofuels in the US
This act bans oil imports from Russia, potentially impacting fuel prices. Concurrently, it supports the production and sale of ethanol and biodiesel fuels through tax credits and grants, which could lower alternative fuel costs and increase their availability at gas stations.
Key points
Prohibition on importing petroleum and petroleum products from Russia, effective 15 days after enactment, until Russia recognizes Ukraine's sovereignty.
New income tax credits for companies selling or blending ethanol fuels (E15 and over 15% ethanol), potentially lowering prices for these fuels.
Extension of tax incentives for biodiesel and renewable diesel until the end of 2025, supporting their production and availability.
Changes to Reid Vapor Pressure regulations for ethanol fuels, making it easier to sell E15 year-round.
New, simplified labeling requirements for E15 fuel at gas stations: "Contains no more than 15% ethanol."
Grant program for states and local governments to expand biofuel distribution infrastructure, increasing the availability of E15, E85, and biodiesel stations.
Expired
Citizen Poll