Americans United for Change reports stock values for four of the Big Five oil companies surged following the release of the Environmental Protection Agency’s draft rule that would roll back the Renewable Fuel Standard. Brad Woodhouse – American United for Change President – says Big Oil’s win on the draft rule for the RFS led to an instant windfall for oil companies. In fact – the group says the Big Five oil companies reaped a combined 23-billion dollar windfall and the value of their outstanding shares increased by an average of more than two-percent in a single day. According to Americans United for Change – that increase was about four-times better than the performance of the Dow Jones Industrial Average and the S&P 500 over the same period between the closing bell the day before the announcement and the opening bell on the next day of trading after the announcement. Woodhouse says consumers, American farmers and are troops are left holding the bag. He says Big Oil hit the jackpot – while we risk a huge slowdown in the development of next generation biofuels that are our best hope for reducing the nation’s dangerous dependence on foreign oil. Meanwhile – Americans United for Change notes an independent index of ethanol and biofuel stocks has fallen by more than six-percent following the release of the draft rule. They say that’s a bad sign for the future of American leadership in clean, renewable fuel.
Source: NAFB News Service