# Grassley, Cantwell Lead Group of 14 Senators to Bolster Renewable Fuels with Biodiesel Tax Credit

> Senators Grassley and Cantwell, with 14 cosponsors, introduced the American Renewable Fuel and Job Creation Act of 2017. The bill would shift the biodiesel tax credit from blenders to domestic producers and extend it for three years. Biofuel imports rose from 510 million gallons in 2014 to about one billion gallons in 2016.

- Date: 2017-04-26 · published 2017-04-26T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/71382-grassley-cantwell-lead-group-of-14-senators-to-bolster-renewable-fuels-with
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Limiting the credit to domestic output would reduce imported biodiesel and favor U.S. soybean oil use. The shift would support soy oil demand if the bill passes.

## Read by commodity

- SBO: bullish ▲
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2024-07-31 | [Senator Marshall Leads Letter Fighting For Farmers with Biofuel Tax Credit - Senator Roger Marshall](https://feedsoft.ai/events/29358-senator-marshall-leads-letter-fighting-for-farmers-with-biofuel-tax-credit.md) | -1.9% | -2.3% |
| SBO | 2018-08-23 | [Grassley, Senators Urge EPA to Boost Biodiesel, Support Jobs](https://feedsoft.ai/events/63411-grassley-senators-urge-epa-to-boost-biodiesel-support-jobs.md) | -0.7% | -2.2% |
| SBO | 2021-03-18 | [U.S. renewable fuel credits hit multi-year high as oil group urges EPA to act](https://feedsoft.ai/events/48006-u-s-renewable-fuel-credits-hit-multi-year-high-as-oil-group-urges-epa-to-act.md) | +5.6% | +1.6% |
| SBO | 2017-04-27 | [U.S. proposes biodiesel tax credit for producers \| World-grain.com \| April 27, 2017 14:43 \| World Grain](https://feedsoft.ai/events/71383-u-s-proposes-biodiesel-tax-credit-for-producers-world-grain-com-april-27-2017.md) | +1.3% | +1.2% |
| SBO | 2023-02-24 | [Renewable diesel facilities will need a billion bushels of soybeans to meet needs](https://feedsoft.ai/events/15336-renewable-diesel-facilities-will-need-a-billion-bushels-of-soybeans-to-meet.md) | -1.4% | -9.6% |
| PALMOIL | 2017-04-27 | [U.S. proposes biodiesel tax credit for producers \| World-grain.com \| April 27, 2017 14:43 \| World Grain](https://feedsoft.ai/events/71383-u-s-proposes-biodiesel-tax-credit-for-producers-world-grain-com-april-27-2017.md) | +0.4% | +3.6% |
| PALMOIL | 2019-03-12 | [Phasing-out palm oil biodiesel is compatible with WTO due to… \| T&E](https://feedsoft.ai/events/60110-phasing-out-palm-oil-biodiesel-is-compatible-with-wto-due-to-t-and-e.md) | -0.6% | +2.9% |
| PALMOIL | 2019-03-13 | [The Commission specifies the criteria to ensure that biofuels used in the transport sector are sustainable in the context of the recast Renewable Energy Directive](https://feedsoft.ai/events/59973-the-commission-specifies-the-criteria-to-ensure-that-biofuels-used-in-the.md) | -0.0% | +3.3% |

## Sources

- grassley.senate.gov: https://www.grassley.senate.gov/news/news-releases/grassley-cantwell-lead-group-14-senators-bolster-renewable-fuels-biodiesel-tax

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.