The Biden administration could change the nation's biofuel blending law next year to offer lucrative credits to electric vehicle manufacturers like Tesla, a major rewrite that the oil industry criticizes as subsidizing the EV industry.
Adding the electric vehicle industry to the standard will introduce a new set of stakeholders into an already unwieldy situation. The United States has been using biofuel credits to reduce carbon emissions for years, but its effect has been unclear.
The transportation sector accounts for about a quarter of the country's greenhouse gases, and the biofuel blending proposal comes at a time when President Joe Biden's administration is pushing for lower-polluting energy sources. The oil industry thinks the RFS mandates are expensive and threaten to put oil refineries, and its blue-collar workers, out of business. Corn and biofuel groups like the mandates, as it increases demand for their products.
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