New Energy
Biden Faces Mounting Frustration From Farmers Over Biofuel Policy
- Federal incentives are encouraging more foreign competition
- US imports of used cooking oil surge in threat to crop demand
This comes at a time when US farm income is poised for the biggest decline since 2006.
Photographer: Brad Vest/BloombergThis article is for subscribers only.
President Joe Biden’s reelection campaign has had a tough week. Lingering in the background is a boom he touted for American farmers that hasn’t panned out, creating one more thorn in his side as he vies to win favor in crucial swing states.
At the heart of the matter is production of biofuels, which can be made from crops like soybeans and corn, or from waste products like used cooking oil. The fuels benefit from government initiatives, regardless of whether the ingredients are produced in the US or overseas, pushing fuelmakers to import raw materials whenever it’s more profitable.