Buis: The RFS Pays Off
February 24, 2015 - Issue #205View Full Issue
Growth Energy CEO Tom Buis recently penned an article that appeared in The Hill and argued that efforts to repeal or “reform” the federal Renewable Fuel Standard (RFS) “will only cost consumers at the pump, harm America’s economy, and threaten our energy and national security.”
“Oil companies have rigged the system to block competition from homegrown renewable fuels, and we’re stuck relying on unstable foreign oil markets,” stated Buis. “Ethanol production helps us to reduce our dependence on foreign oil. Homegrown ethanol displaces over 1 million gallons of petroleum per day. Throughout history, we’ve witnessed the extreme volatility of oil prices, with unrest in places like Iraq and Ukraine prompting prices to skyrocket at the gas pump here at home. The RFS is our nation’s most successful energy policy in the past 40 years, the only policy to ever have loosened Big Oil’s stranglehold on the transportation fuels marketplace and the only policy that will help us kick our dangerous addiction to foreign oil.”
Buis added, “Big Oil lobbyists and smear campaigns have tried to blame the ethanol industry for high food prices, but those claims are not at all supported by the facts. A 2013 World Bank study showed that crude oil prices are responsible for more than 50 percent of the increase in global food prices since 2004. Ethanol is produced from field corn, only a small quantity of which is used for human consumption, and advanced technologies are allowing it to be produced from agricultural waste. According to the World Bank, the number one cause of food inflation is rising crude oil prices, because it raises the cost of producing, processing, storing and transporting the world’s food.”
Buis concluded, “Over the past decade, the RFS has helped us cut our dependence on foreign oil nearly in half— from 60 percent to 33 percent. It has allowed the United States to lead the world in biofuel innovation, driving the research and development of next-generation biofuels that will further break our dangerous oil addiction. With the RFS opening up the fuel market to new fuel sources, the renewable fuels industry has been able to deliver economic, national security and environmental benefits. We need the Renewable Fuel Standard to break the monopolistic stranglehold of Big Oil and give American consumers the choices they deserve.”
To read the entire op-ed, please click here.