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US Oil Production Predictions, Misleading

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The American Coalition for Ethanol (ACE) today said that media coverage has mischaracterized the findings of a recently published report from the International Energy Agency (IEA). ACE Executive Vice President Brian Jennings says “Media headlines applaud the part of IEA’s report predicting the U.S. will be the world’s largest oil producer by 2020, but ignore the fact that run will be short-lived and disregard the costs consumers and the planet will bear. IEA clearly states oil will be more expensive, more damage will be done to the environment, and OPEC will end up controlling more than half of the world’s oil by 2035.”

“Isn’t it ironic that some of the same interest groups and lawmakers who are attacking America’s ethanol industry and calling for repeal of the Renewable Fuel Standard (RFS) are also now seemingly blind to the consequences of fracking our way to energy independence,” said Jennings.

 

“The media ought to take recent fascination with fracking shale oil and mining tar sands into perspective. Beyond the fact these unconventional sources of oil are more expensive to find and more harmful to the environment, they can’t replace the fuel the U.S. ethanol industry currently provides America via the RFS. Oil companies would need to discover three more Bakken oil shale formations or construct three Keystone XL Pipelines, just to replace current ethanol production levels,” Jennings said.

 

ACE published an infographic that shows how the RFS is working to cut foreign oil imports and make the U.S more energy secure. You can view the infographic by clicking here.