Institute for Energy Research says biomass-based rnewable fuel industry overbuilt

In Washington, the Institute for Energy Research says the biomass-based renewable fuel industry believed that if the renewable and biodiesel plants were built, the EPA would mandate their use, which did not happen as the Biden administration turned to its climate agenda to electrify everything and to heavily incentivize wind and solar power. There is now an oversupply of domestic biomass-based diesel, which needs mandates from EPA as it is much more expensive to produce than petroleum-based diesel. Importers of biomass-based imports currently get tax credits, which exasperates the problem. Next year, federal tax credits will only support the domestic industry. In the meantime, U.S. biomass-based diesel plants are either shuttering or retooling back to petroleum-based diesel.