Late Thursday, the House of Representatives passed another COVID economic relief package, the HEROES Act II, which provides for $2.2 trillion in coronavirus relief and includes an important provision for the renewable fuels industry. The following is a statement from Renewable Fuels Association President and CEO Geoff Cooper:
“We were pleased to see the House once again prioritize assistance for the renewable fuels industry as part of its economic relief package. The Renewable Fuel Reimbursement Program included in the original HEROES ACT, and now part of the new legislation, represents a potential lifeline for the 350,000 men and women whose jobs depend on a healthy and vibrant ethanol industry. We greatly appreciate the efforts and leadership of all those in the House who understand that rural communities across the nation depend on the renewable fuels industry for job creation, economic vitality, and new market opportunities for farmers.
“Just recently, a study by university economists found that ethanol producers will experience roughly $8 billion in losses this year due to the pandemic’s impact on world fuel markets. While market conditions have improved since the spring, the ethanol industry is still struggling to fully recover from the pandemic, and ethanol producers across the country remain under financial stress.”
If it were to become law, the Renewable Fuel Reimbursement Program provision would provide a 45-cent-per-gallon payment for qualified fuel produced by eligible producers from Jan. 1 through May 1, 2020.