Have you heard the recent saying, “You need to check yourself before you wreck yourself”? It seems to apply to the recent hearing on the Renewable Fuel Standard (RFS) held by the House Energy and Commerce Subcommittee on Energy and Power. The hearings are part of the RFS evaluation program that also includes a series of white papers. Left to their own device, the committee is going to “wreck” the RFS.
The hearing included no representation from the biofuels industry but they responded in full force after its conclusion.
“Today’s testimony by USDA Chief Economist Joseph Glauber, validates what we in the biofuels industry have been saying since the RFS was enacted – that the production of biofuels does not have any substantive correlation with the rising cost of food prices,” said Tom Buis, CEO of Growth Energy.
“If the committee is truly interested in the culprits behind rising food prices they should look no further than oil companies. Today’s testimony comes on the heels of a recent study by the World Bank, which outlined how crude oil prices are responsible for 50 percent of the increase in food prices since 2004,” Buis continued. “Additionally, large food corporations, like oil companies are recording near record profits, while trying to use the RFS as a scapegoat as they increase prices at their own discretion at the pump and grocery store at the expense of the American consumer.”
Brooke Coleman, executive director of the Advanced Ethanol Coalition noted that several times during the hearing, members of the committee said “times have changed” since the passage of the RFS in 2007, and that the U.S. no longer has a foreign oil dependence problem.Read More













