Representatives Gregg Harper and Jim Matheson introduced legislation on Wednesday night that would effectively kill the future development of next-generation biofuels as required by the Renewable Fuel Standard.
Growth Energy CEO Tom Buis says plain and simple - this is bad policy. Buis says it is nothing more than a well-disguised end run around the RFS - and it is pandering to the wishes of the oil industry. He says at this time - with record gas prices - it is time to continue innovation and development in the next generation of biofuels instead of accepting the failed status quo of the nation’s dependence on foreign oil. Overall - Buis says the RFS has been the most successful energy policy enacted in the last 40-years - creating and supporting more than 400-thousand jobs in America that can’t be outsourced, revitalized rural economies, improved the environment and also provides consumers a choice and savings at the pump.
National Corn Growers Association CEO Rick Tolman recently highlighted the importance of the RFS in increasing and guaranteeing a vibrant, domestic renewable fuel market. Tolman says it’s important to not underestimate the Standard’s importance - as it has cut imported oil, serves as the basis for infrastructure growth investment and is the single biggest reason for prosperity across all of agriculture. Tolman says the rise in domestic oil production doesn’t necessarily mean a decrease in the relevance of biofuels - like corn ethanol - but should spell an end to oil imports.