Gas prices are hitting all-time highs, so Iowa senators Chuck Grassley and Joni Ernst are asking the president to “unleash biofuels” immediately. They want Biden’s support on their bipartisan plan to replace Russian oil with clean-burning, American-made renewable fuels that are available right now. The new bill is called the Home Front Energy Independence Act and would put the ban on Russian oil into law. At the same time, the legislation would open up America’s heartland to more biofuel production. The current excess ethanol capacity domestically is nearly the same as the amount of Russian gas the U.S. had been importing, roughly 83 million barrels versus 87 million barrels. “Ethanol has been selling at around a $1.20 discount to base gasoline,” Grassley says. “Homegrown biofuels is a quick and clean solution for lowering prices at the pump.” The senators say that bolstering production would help the U.S. become energy independent once again.
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