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NEW YORK, June 6 (Reuters) - The Biden administration will abandon a scheme to include the electric vehicle industry in the nation's biofuel blending program and will remove nearly 2 billion credits the ambitious expansion was expected to generate in a final rule set to be released later this month, three sources familiar with the matter told Reuters. The EV program would have been a boost to President Joe Biden's goal of electrifying the motor vehicle industry to fight climate change. The White House declined to comment, and the Environmental Protection Agency, which administers the RFS, did not respond to requests for comment. The White House is currently reviewing a final rule on biofuel blending mandates for the years 2023, 2024 and 2025. Reporting by Stephanie Kelly and Jarrett RenshawOur Standards: The Thomson Reuters Trust Principles.
Persons: Biden, Joe Biden's, Stephanie Kelly, Jarrett Renshaw Organizations: YORK, Reuters, U.S . Renewable, Tesla Inc, Environmental Protection Agency, Thomson
The approved rulemaking is not expected to take effect until summer of 2024, the sources said. The rule would be a win for the ethanol industry, which has sought for years to expand sales of so-called E15, which contains 15% ethanol, and for the farm industry, as ethanol is made from corn. The U.S. Environmental Protection Agency is expected to seek a public comment period on the rule, sources said. President Joe Biden lifted the ban last summer in an attempt to lower historically-high gasoline prices. Reporting By Jarrett Renshaw and Stephanie Kelly; Editing by Tom Hogue and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.
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