(B) REQUIRED
ELEMENTS.—The renew-
able fuel obligation determined for a calendar 
year under subparagraph (A) shall— 
(i) be applicable to refineries, blend-
ers, and importers, as appropriate; 
(ii) be expressed in terms of a volume 
percentage of gasoline sold or introduced 
into commerce in the United States; and 
(iii) subject to paragraph (3)(A), con-
sist of a single applicable percentage that 
applies to all categories of persons speci-
fied in clause (i). 
(3) ADJUSTMENTS.—In determining the appli-
cable percentage for a calendar year, the President 
shall make adjustments— 
(A) to prevent the imposition of redundant 
obligations on any person specified in para-
graph (2)(B)(i); and 
(B) to account for the use of renewable 
fuel during the previous calendar year by small 
refineries that are exempt under subsection (g). 
(c) VOLUME CONVERSION FACTORS FOR RENEW-
ABLE FUELS BASED ON ENERGY CONTENT OR REQUIRE-
MENTS.— 
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(1) IN
GENERAL.—For the purpose of sub-
section (a), the President shall assign values to spe-
cific types of advanced biofuels for the purpose of 
satisfying the fuel volume requirements of subsection 
(a)(2) in accordance with this subsection. 
(2) ENERGY
CONTENT
RELATIVE
TO
ETH-
ANOL.—For advanced biofuel, 1 gallon of the ad-
vanced biofuel shall be considered to be the equiva-
lent of 1 gallon of renewable fuel multiplied by the 
ratio that— 
(A) the number of British thermal units of 
energy produced by the combustion of 1 gallon 
of the advanced biofuel (as measured under 
conditions determined by the Secretary); bears 
to 
(B) the number of British thermal units of 
energy produced by the combustion of 1 gallon 
of pure ethanol (as measured under conditions 
determined by the Secretary to be comparable 
to conditions described in subparagraph (A)). 
(3) TRANSITIONAL ENERGY-RELATED CONVER-
SION
FACTORS
FOR
CELLULOSIC
BIOMASS
ETH-
ANOL.—For any of calendar years 2008 through 
2015, 1 gallon of cellulosic biomass ethanol shall be 
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considered to be the equivalent of 2.5 gallons of re-
newable fuel. 
(d) CREDIT PROGRAM.— 
(1) IN GENERAL.—The President, in consulta-
tion with the Secretary and the Administrator of the 
Environmental Protection Agency, shall implement a 
credit program to manage the renewable fuel re-
quirement of this section in a manner consistent 
with the credit program established by the amend-
ment made by section 1501(a)(2) of the Energy Pol-
icy Act of 2005 (Public Law 109–58; 119 Stat. 
1067). 
(2) MARKET TRANSPARENCY.—In carrying out 
the credit program under this subsection, the Presi-
dent shall facilitate price transparency in markets 
for the sale and trade of credits, with due regard for 
the public interest, the integrity of those markets, 
fair competition, and the protection of consumers 
and agricultural producers. 
(e) SEASONAL VARIATIONS IN RENEWABLE FUEL 
USE.— 
(1) STUDY.—For each of calendar years 2008 
through 2022, the Administrator of the Energy In-
formation Administration shall conduct a study of 
renewable fuel blending to determine whether there 
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