Environmental Protection Agency Makes the Wrong Decision for America’s Economy and Environment
For Immediate Release: November 15, 2013
Washington, DC – Today’s decision by the Environmental Protection Agency (EPA) to weaken the Renewable Fuel Standard (RFS) from its current level by almost 3 billion gallons is a substantial step backwards for the renewable fuels industry, biofuels, and for America. The RFS has never been reduced before, and has been a bipartisan success story for the past several years.
“The Renewable Fuel Standard has been a boon for the American people. The truth is that biofuels have significantly contributed to the American economy, contributing over $43 billion to the Gross Domestic Product.” said Michael Brower, ACORE interim President and CEO. “The Renewable Fuel Standard saves us money at the pump, often times over a dollar a gallon. It decreases our reliance on foreign oil and has created a new revenue stream for America’s farm communities, all while supporting roughly 300,000 jobs here at home. And lastly, it protects our environment by mitigating the amount of carbon produced by our transportation fleet.”
“This reduction of the Renewable Fuel Standard, the first ever, sends the wrong signal to American investors and manufacturers, and only adds to the level of uncertainty,” explained Todd Foley, ACORE’s Senior VP of Policy and Government Relations. “Farmers, corn growers, and agribusiness in general stand to lose valuable income streams. This is a recipe for market volatility that we simply don’t need right now.”
With strong bipartisan support, the RFS first became law in 2005. It directs the EPA to develop and implement regulations to ensure that transportation fuel sold in the United States contains a minimum volume of renewable fuel. These regulations are developed in collaboration with refiners, renewable fuel producers, and many other stakeholders. Large oil companies, amongst others, have tried for years to water down the RFS as it represents competition to their current fuel monopoly.
ACORE, a 501©(3) non-profit membership organization, is dedicated to building a secure and prosperous America with clean, renewable energy. ACORE seeks to advance renewable energy through finance, policy, technology, and market development and is concentrating its member focus in 2013 on National Defense & Security, Power Generation & Infrastructure, and Transportation. Additional information is available at www.acore.org.
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