HOUSTON—Chevron and Exxon Mobil are now testing renewable gasoline blends the companies claim could reduce emissions from gas-powered vehicles in line to the levels of electric vehicles (EVs), Reuters reports. If made available commercially, the fuels have the potential of elongating the gasoline market life as the world transitions to EVs and cleaner fuels.

"We really believe there has to be alternatives for the light-duty vehicle," said Chevron executive Andy Walz. "Electrification is not the only answer."

The two oil companies revealed test results with partner Toyota Motor Corp of renewable gasoline created with soybeans and other non-fossil feedstocks. The blends would be usable by gas stations and the current vehicle fleet.

Exxon and Chevron reiterated it would likely be years before these types of renewable fuels would be available at gas retailers. Government policies are needed to lower the cost of the blends as well. “We believe it is going to need government help to get up and running, and get scale,” Walz said. He pointed to current incentives for biodiesel and renewable diesel as an example of what would be necessary.

While the companies measured emissions by different metrics, Exxon said its renewable gasoline reduced emissions up to 75% compared to regular gasoline on a life-cycle basis. Chevron indicated its blend registered more than 40% less carbon than regular gasoline.