Ethanol prices have skyrocketed to their highest level in a decade, contributing to surging U.S. gasoline prices
as oil refiners pay more for the biofuel they are required to blend with their products.
The price spike is adding grist to a yearslong political debate over the federal ethanol blending mandate, known as the Renewable Fuel Standard. Politicians from oil-and-gas states have sought to repeal the requirement, calling it ineffective and expensive, while corn-state politicians have defended it, arguing it has added to U.S. fuel supplies and decreased consumer costs.
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