It’s a good moment for biofuels! The US Department of Agriculture just announced that it is giving over $700 million in aid to biofuel producers across the country, several of which have facilities right here in Nebraska. Here are Five Fast Facts about what this means for Nebraskans and our Paychecks:
- 💰Where’s the money coming from? This aid is coming from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was passed to help recover from losses due to the pandemic. Congress loves a nifty acronym, don’t they?
- ⛽😱How bad was it? The whole country is struggling because of the pandemic, but biofuels were hit really hard, losing 3.7 billion gallons of production. That’s a lotta lost gas!
- 🤗Who’s getting the money? It’s being split across roughly 200 producers, but the largest amount (more than $27.4 million) went to Omaha-based Green Plains, Inc.; Chief Industries got more than $18 million, and E-Energy Adams received $14 million. You can hear the sighs of relief from here!
- ⚖️On a related note - Also recently announced is an increase in the amount of ethanol required in future fuel mixtures. This provides some much-needed economic stability in the future for those producers.
- 📉What’s the point? These aid funds will help bring down the cost per gallon of fuel by as much as 50-60 cents a gallon. GREAT! Now if we could just do this a few more times, we might get prices back to where they were two years ago…
🔥Bottom line: I think it’s safe to say that this is a huge win for everyone involved! Not only do we get to see lower prices at the pump, but it helps local ethanol producers stay afloat. And ultimately, both are very good for Paychecks!
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