Score a win for Big Oil. And a loss for American consumers.
That figure is well below the 22.3 billion gallon amount set by Congress.
Not surprisingly, the American Petroleum Institute wasn't happy with the new lower amounts. It wants even less cleaner burning ethanol competing against gasoline. In it's statement, API President and CEO Jack Gerard called for just 9.7% of the nations fuel be ethanol. And it's no surprise that they want the RFS legislation re-opened and even repealed altogether.
Isn't that nice. Less American-made ethanol and more foreign oil.
Ethanol groups weren't too pleased either with the lower amount.
In it's statement the Renewable Fuels Association (RFA) stated:
“Today’s announcement represents a step backward for the RFS. EPA successfully enforced a 13.8 billion gallon RVO in 2013. The industry produced 14.3 billion gallons of ethanol last year. There is no reason to promulgate an RVO rule that takes us backward. All it will do is result in an ever-increasing supply of renewable fuel credits (RINs) that will further discourage private sector investment in infrastructure and technology. This doesn’t make sense."And Growth Energy stated:
“It is unfortunate that EPA chose to side with the obligated parties who have deliberately refused to live up to their obligation to provide consumers with a choice of fossil fuels or lower cost, higher performing, homegrown renewable energy at the pump...
Now the obligated parties, controlled primarily by Big Oil, have refused to live up to their obligation and the initial read on EPA's proposal is they have simply acquiesced to the demands of Big Oil.
The proposal is not final. So you can be sure both sides will spreading the love around Washington DC and the nation to get another number.
Source: US Environmental Protection Agency (EPA)
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- The Renewable Fuels Standard, Ethanol and the U.S. Corn Crop
- Ethanol Keeps Gasoline Prices $1.09 Cheaper
- More Corn For Food, Not Ethanol
- That's a Lot of Hamburgers
Good and Balanced Food and Fuel News!