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This briefing examines the debate over whether the Environmental Protection Agency (EPA) should waive the Renewable Fuel Standard (RFS) following a severe heat wave and drought in the United States that reduced corn yields and increased prices. While livestock and poultry producers argue a waiver would lower corn prices and food costs, the document suggests that such a move could increase gasoline prices, heighten dependence on imported oil, and discourage investment in advanced biofuels.