Growth Energy Tells Congress the RFS is Working
The House Energy Committee asked for stakeholder input on the issue of energy security and the Renewable Fuel Standard - and Growth Energy responded.
Growth Energy CEO Tom Buis said the RFS has been the most successful energy policy enacted in the last 40 years. Not only is it benefitting consumers by providing a choice and savings at the pump - but Buis said the RFS has helped create hundreds of thousands of good paying jobs that can't be outsourced.
Buis added that the RFS has revitalized local communities - leading to a robust farm economy - and has helped significantly reduce our dependence on foreign oil.
Growth Energy points out that the U.S. is dangerously addicted to foreign oil - sending roughly a billion dollars a day unstable regions overseas to meet our growing energy needs. But with the RFS and a robust biofuels industry - Growth Energy says much of that money is being invested here at home - improving our economic and energy security by stimulating our economy and producing home grown, sustainable fuel.
The bottom line - according to Buis - is the RFS is doing what it was designed to do and is doing it well. When the RFS was first enacted into law in 2005 - Buis said the U.S. was nearly 60-percent dependent on foreign oil. That figure is closer to 45-percent today. Buis noted ethanol has grown to be 10-percent of America's fuel supply and has the ability to displace even more foreign oil.
Buis said we are taking meaningful steps in reducing our addiction to foreign oil and to fix something that is not broken would be poor policy and put us back on the road to increased imports. Without the RFS - Buis concluded - there will be no other competitive alternative to imported oil and American consumers will continue to be held hostage to the supply chain of the oil industry.
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