EPA proposes lowering amount of ethanol in gas

FILE - In this Jan. 6, 2015 file photo, steam blows over fermentation tanks at the Green Plains ethanol plant in Shenandoah, Iowa. (AP)

The Obama administration is proposing to reduce the amount of ethanol blended in the nation's gasoline, a blow to renewable fuel companies that have pushed to keep high volumes of their product flowing into drivers' gas tanks.

The move is unlikely to mean much for consumers or prices at the pump.

A 2007 law requires a steady increase in the amount of renewable fuels like ethanol blended into gasoline over time. The new proposal would reduce the amount required by more than 4 billion gallons in 2015 and by more than 3 billion gallons the following year.

The Environmental Protection Agency said the targets it releases Friday would still represent a growth in renewable fuels in coming years.
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