It’s been a long time in the making, but the Environmental Protection Agency has finally released the new Renewable Fuels Standard … better known as RFS-2.

The standard requires that biofuels will have to reduce greenhouse gas emissions compared to the gasoline and diesel fuels they displace and grow in production from last year’s 11.1 billion gallons to 36 billion by 2022, with 21 billion gallons to come from advanced biofuels. It’s expected to replace more than 328 million barrels of non-renewable petroleum a year and reduce greenhouse gas emissions more than 138 million metric tons annually when fully implemented.

While admitting it might not be perfect, RFS-2 is being welcomed by representatives of the ethanol and biodiesel industries.

In this edition of the Domestic Fuel Cast, we’ll here from EPA Administrator Lisa Jackson, Secretary of Agriculture Tom Vilsack, as well as Tom Buis with Growth Energy, the Renewable Fuels Association‘s Matt Hartwig, and the National Biodiesel Board‘s Michael Frohlich.

They all have interesting takes on what the new standard will bring in the short and long terms, and you can here what they have to say here: [audio:http://www.zimmcomm.biz/domesticfuel/DFCast-2-04-10.mp3]