The Secretary of the Department of Finance and Administration may grant a waiver for a variance from the biofuel standard under § 15-13-202 if the applicant demonstrates one (1) or more of the following:
(1) The cost of diesel fuel that is blended with biofuel exceeds the cost of diesel that does not contain biofuel by fifteen cents (15¢) per gallon or more;
(2) Diesel fuel blended with biofuel is not available for purchase in the geographic region; or
(3) Compliance with the biofuel standard is not economically feasible.