Renewable Energy Group, Inc. President and CEO, Daniel J. Oh, released the following statement after Iowa House and Senate passage of legislation extending biofuel production and retail incentives through 2024. The legislation adjusts the current retail incentive for fuel containing a minimum 5% biodiesel blend (B5) to US$0.03.5/gal. and creates a new US$0.05.5/gal. incentive for blends of B11 or more. It now goes to the Governor for final consideration.
“We at REG are very pleased and even more grateful for the overwhelming support from Iowa lawmakers to extend and improve these worthwhile incentives. The proven benefits of higher biodiesel blends are becoming more well known and this legislation is further recognition that expanded biodiesel production and consumption works for Iowa’s economy.”
Adapted from press release by Francesca Brindle