91ÊÓƵ

Soybean farmers in seven states are asking Congress to extend current biodiesel and renewable diesel tax credits due to a lack of clarity on a set of new rules ready to take effect in January.

More than 30 trade groups across the energy, farming and transport sectors say a lack of U.S. government guidance on tax credits is putting Americans at risk of higher fuel prices.

Agriculture giants including Cargill Inc. and Bunge Global SA are slowing their buying of soybeans because of uncertainty over U.S. biofuels policy.

Alarm has grown in the U.S. in recent months over soaring UCO imports from China, potentially displacing more regulated American-made biomass-based diesel.

American agriculture groups are decrying California’s planned 20% cap on U.S.-made canola- and soy-based biodiesel and renewable diesel that could tip the market toward foreign sources.

The U.S. Department of Agriculture is pushing for eased tax credit requirements regarding crops used as ingredients in the production of renewable fuels, according to Secretary Tom Vilsack.

A growing number of energy and agriculture firms have been boosting spending in an effort to plant and crush more canola, an oilseed that could play a big role in the renewable fuel markets.

President Joe Biden’s re-election campaign has had a tough week. Lingering in the background is a boom he touted for American farmers that hasn’t panned out.

A coalition of biofuel proponents and agricultural groups is asking Treasury Secretary Janet Yellen for guidance about a Clean Fuels Production Credit based on carbon intensity scores.

China is flooding the U.S. with used cooking oil that the biofuel industry says may be tainted, hurting American farmers and President Joe Biden’s push to promote climate-friendly energy.