Growth Energy says federal data shows a clear and growing need for U.S. biofuels. A federal forecast released by the U.S. Energy Information Administration projects through 2050 based on current trends and regulations, an 18 percent increase in miles traveled by U.S. motorists in traditional light-duty vehicles.
That’s an increase from 2.8 trillion miles in 2017 to 3.3 trillion miles in 2050. EIA also reports retail prices of motor gasoline and diesel fuel are projected to increase from 2018 to 2050, largely because of expected increases in crude oil prices. In response, Growth Energy regulatory affairs vice president Chris Bliley says: “Blending more homegrown, cost-efficient biofuels into the fuel supply is the ready-made solution to lowering prices at the pump while also dramatically reducing emissions.”
Fuels like ethanol are currently saving the average American household $142, according to the American Journal of Agricultural Economics. Bliley says: “those savings will only grow as the demand for transportation rises in the decades to come.”