The Renewable Fuels Association notes a recent research article concluded the Renewable Fuel Standard is producing significant positive economic effects in the U.S. The paper is authored by researchers at the Department of Energy’s Oak Ridge National Laboratory. The study finds that the RFS is reducing crude oil prices, decreasing crude oil imports, increasing gross domestic product and having only minimal impacts on global food markets and land use – and that these economic benefits will be amplified once the advanced biofuel requirements of the RFS are fully implemented. According to RFA President and CEO Bob Dinneen, “The bottom line is the RFS is an unrivaled American success story.”
As Congress returns and hearings are scheduled – Dinneen says Big Oil and Big Food will undoubtedly ramp up their campaign to smear the RFS. Instead of listening to oil lobbyists or giving credence to sham studies funded by grocery manufacturers – he says independently funded, unbiased, third-party research like this study should guide the debate. Dinneen says we can’t allow profit-protecting fear mongers in the oil and snack food industries scare Congress into changing a flexible policy that is making important contributions to the American economy and environment every day.
Source: NAFB News Service