Banning combustion engines would devastate the agricultural community.
That is the consensus of a study from the Agricultural Retailers Association, and comes a week after a push at the federal level to ban all new gas-powered cars by 2035.
The impacts would come from decreased use of ethanol and biodiesel. If the engines are banned, corn and soybean consumption could drop by up to two billion bushels and prices could fall to $1.74 for corn and $4.92 for soybeans.
It would reduce net farm income by $27 billion dollars.
Related:
CEO of the Renewable Fuels Association reacts to the Zero Emission Vehicle Act.
California’s governor bans the sales of gas-powered cars by 2035.
American Coalition of Ethanol responds to CA’s gas car ban.