Shares of clear energy companies jumped sharply on Monday after The U.S. Environmental Protection Agency, which has been very active of late, on Monday, took steps to set the amount of bio-diesel products that would be required to be part of the bio-diesel markets in 2013.
“This action, which meets goals designated by Congress, is another step that strengthens America’s energy security by reducing dependence on foreign oil,” said EPA Administrator Lisa P. Jackson.
According to a release by the agency, it has set the bio-diesel products volume in 2013 at “1.28 billion gallons under the Energy Independence and Security Act of 2007 (EISA) which established the second phase of the Renewable Fuel Standards program. EISA specifies a one billion gallon minimum volume requirement for the biomass-based diesel category for 2012 and beyond.”
EPA had originally proposed the volume levels in 2011, after which a thorough review was undertaken with additional information and comments being provided.
Monday’s action is a result of all the deliberations that have taken place. There is a legal provision for EPA to raise the volume requirements after considering the environmental, market and energy-related factors.
EPA is setting this volume based on consideration of the factors specified in the statute, including a consideration of biodiesel production, consumption, and infrastructure issues. As required under the statute, EPA also assessed the likely impact of BBD production and use in a variety of areas, the agency said in the release.
Bio-based diesel products are advanced bio-fuels that are derived from sources that include vegetable oils and waste oils from renewable sources.
Renewable Energy Group Inc. (NASDAQ:REGI) shares soared 28.15% to $7.83 on hefty volume of 1.17 million shares. Gevo, Inc. (NASDAQ:GEVO) climbed 2%, Amyris Inc (NASDAQ:AMRS) surged 10%, BioFuel Energy Corp. (NASDAQ:BIOF) climbed 15%, Syntroleum Corp (NASDAQ:SYNM) surged 12.50% and Pacific Ethanol Inc (NASDAQ:PEIX) rose 22%.