According to a new article published in the journal Biofuels, the Renewable Fuel Standard (RFS), is producing significant positive economic effects in the U.S. According to the paper, authored by researchers at the Department of Energy’s Oak Ridge National Laboratory (ORNL), the RFS is reducing crude oil prices, decreasing crude oil imports, increasing gross domestic product (GDP) and having only minimal impacts on global food markets and land use. The study also found that in the future, full implementation of the RFS’ advanced biofuels requirements will amplify these benefits.
Commenting on the ORNL findings, Bob Dinneen, President and CEO of the Renewable Fuels Association (RFA) said, “As Congress returns and hearings are scheduled, Big Oil and Big Food will undoubtedly ramp up their multi-million dollar campaign to smear the RFS. Rather than listening to well-heeled oil lobbyists or giving credence to sham ‘studies’ funded by grocery manufacturers, let’s allow independently funded, unbiased, third-party research — like this study from ORNL — to guide the debate.”
Dinneen continued, “The facts from the ORNL study are: the RFS is reducing oil prices, decreasing oil imports, and creating jobs and economic benefits without the rumored catastrophic effects on food prices and land use. In fact, as the study shows, the RFS barely affects food and land markets. The bottom line is the RFS is an unrivaled American success story. We can’t let 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.”
Click here to review the study’s key conclusions.
During the National Ethanol Conference that kicks off tonight in Las Vegas, presenters will discuss in depth various aspects of the RFS along with other key issues facing the ethanol industry.