Friday marks the seventh anniversary of the signing into law of the Energy Independence and Security Act of 2007 (EISA) which expanded the Renewable Fuel Standard (RFS) as we know it today.
The Renewable Fuels Association (RFA) has compiled a report that examines the successful impact of the RFS over the past seven years on the economy, job creation, agriculture, the environment, fuel prices, petroleum import dependence, and food prices.
Among its findings, the report notes that “Renewable fuel production and consumption have grown dramatically. Dependence on petroleum—particularly imports—is down significantly. Greenhouse gas emissions from the transportation sector have fallen. The value of agricultural products is up appreciably. And communities across the country have benefited from the job creation, increased tax revenue, and heightened household income that stem from the construction and operation of a biorefinery.”
“The RFS was always intended to be a marathon and not a sprint. Results were never intended to come overnight, but over the past seven years America has reaped vast economic, environmental, and national security benefits due to the increased use of home-grown, renewable fuels,” noted RFA president and CEO Bob Dinneen. “The only hiccup in the unprecedented success of the program is a consequence of EPA’s recent failure to implement the program as designed by Congress. As we blow out the candle on the RFS’ seventh birthday cake, we do so with a wish that EPA would quickly restore the RFS to a trajectory that will enable continued investment in advanced biofuels, drive the market beyond the blend wall, and provide consumers with meaningful options and savings at the pump.”