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Fuel retailers, coalition applaud Senate bill to extend the biodiesel blenders’ tax credit

December 20, 2024

BY NATSO

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EIA maintains 2025, 2026 production forecasts for renewable diesel, SAF

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The U.S. Energy Information Administration maintained its 2025 and 2026 forecasts for renewable diesel and “other biofuel” production, which includes SAF, in its latest Short Term Energy Outlook, released May 6.

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Reps. Mike Carey, R-Ohio, and Mariannette Miller-Meeks, R-Iowa, on May 1 introduced legislation that aims to retroactively extend the biodiesel blenders tax credit (BTC) and the second-generation biofuel producer tax credit.

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A new study commissioned by Clean Fuels Alliance America shows the U.S. biomass-based diesel industry generated $42.4 billion in economic activity in 2024, supported 107,400 jobs and paid $6 billion in annual wages.

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A broad coalition representing more than 350 trucking fleets, shippers, and supporters of freight movement is urging Congress to extend the biodiesel blenders’ tax credit to lower supply chain costs and protect consumers from inflationary pressures.

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Phillips 66 released Q1 financial results on April 25, reporting reduced pre-tax earnings for its renewable fuels segment despite increased production volumes. The changing tax credit structure is one factor that impacted earnings.

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