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“RFA President: Look How Far We’ve Come Since



(NAFB)--Today  marks the 40th anniversary of the oil embargo imposed by the Organization of Arab Petroleum Exporting Countries as punishment for America’s support of Israel during the Yom Kippur War. On that date - Renewable Fuels Association President and CEO Bob Dinneen says the Organization of Petroleum Exporting Countries decided to raise the price of oil by 70-percent a barrel and cut production over time in five-percent increments until they were satisfied that their political policies were understood and respected. He notes the energy crisis of 1973 spurred the energy legislation signed into law by President Jimmy Carter - the spirit and intent of which was to establish a domestic, renewable fuel alternative to foreign oil. Dinneen says ethanol has the proven ability to not only displace foreign oil and stretch our existing domestic oil supply - it has proven to lower the price per gallon of gasoline, replace lead and other toxins, reduce greenhouse gas emissions - all while stimulating economic development and job creation in the U.S.
 
According to Dinneen - the facts speak for themselves. He says ethanol makes up 10-percent of the U.S. gasoline supply today - up from less than one-percent 20 years ago. Ethanol displaced an amount equivalent to the gasoline refined from 462-million barrels of imported crude oil last year - which is more oil than the U.S. imported from Saudi Arabia. As a result - last year the U.S. reduced expenditures on imported oil by 44-billion dollars. What’s more - ethanol has reduced gasoline prices by an average of a dollar per gallon in 2012 and 2013.
 
Dinneen says it’s sad that petty political theatrics, Big Oil corporate money and small-minded misinformation are undermining the single most effective energy policy this country has known - the Renewable Fuel Standard. He’s hopeful it won’t take another energy crisis to wake Congress up to the economic and national security importance of a domestically-produced, renewable fuel alternative. Dinneen says this isn’t the time to roll back policies and undercut the progress the country has made. He says ethanol is fueling a stronger, healthier, more independent nation.

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Topics : Business_FinanceEnvironment
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People : Bob DinneenJimmy Carter
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