President Biden has announced a ban on Russian oil imports over the invasion of Ukraine.
The move from the administration on Tuesday morning comes after pleas by Volodymyr Zelenskyy, the President of Ukraine, asking the United States to cut off Russian oil imports. Biden has also faced pressure from Congress to act on Russian energy.
Along with these developments, Iowa?s congressional delegation has sent a letter to EPA Administrator Michael Regan asking him to consider policies that encourage the production of domestic renewable fuels. Iowa Senator Chuck Grassley says the members wrote that renewable fuels can help provide energy independence for both the United States and its allies.
?President Biden ought to look to the Midwest and think about how ethanol and biodiesel can fill these voids,? said Grassley. ?In fact, it would probably be a good thing if he would visit an ethanol or biodiesel facility because these producers in the Midwest can make up the difference in production that we need. The administration hasn?t spoken about how biofuels can be a solution to lower gas prices.?
Grassley says corn-based ethanol is 46 percent less carbon-intensive than petroleum-based gasoline and can help President Biden?s administration reach its reduction targets for greenhouse gas emissions.
?You see E15 being sold for 30 cents to 40 cents cheaper than E10,? said Grassley. ?Just yesterday, ethanol was selling at a $1.20 discount to gasoline. We want (Regan) to know that biofuel producers stand ready to lower the price at the pump. It?s the easiest solution to lower gas prices.?
Grassley made his comments during his weekly call with farm reporters Tuesday morning. The national price of gasoline as of Tuesday was $4.17 per gallon, the highest ever on record.
