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Reckless Paean to Big Oil

February 5, 2015


WASHINGTON — Today, Rep. Bob Goodlatte (R-Va.) was once again joined by Reps. Jim Costa (D-Calif.), Steve Womack (R-Ark.), and Peter Welch (D-Vt.) in re-introducing the RFS Reform Act. In addition to the reform bill, Goodlatte also introduced legislation calling for an all-out repeal of America's premiere biofuels policy. Goodlatte has spearheaded attempts to change or repeal the Renewable Fuel Standard (RFS) in the 112th and 113th Congresses as well. Bob Dinneen, president and CEO of the Renewable Fuels Association, released the following statement: "Today's legislation may be familiar, but it is still a reckless paean to Big Oil. It is a callous effort that reneges on a government commitment upon which billions of dollars have been invested. As a direct result of the RFS, more than $30 billion has been invested in infrastructure and expanded production capacity, creating an industry that is responsible for nearly 400,000 jobs and contributes $44 billion to the GDP. Rep. Goodlatte would put all of that at risk to protect Big Oil's monopoly, sending a dangerous chill through the investment community that will forever more question the government's resolve. "Moreover, the legislation is predicated on a false premise that the RFS is contributing to increased food and fuel costs when the exact opposite is true. Goodlatte clearly overlooks the fact that ethanol reduces the cost of gasoline at the pump while also contributing more than 39 million metric tons of high-protein animal feed fed to livestock and poultry here and abroad. Indeed, Rep. Goodlatte is introducing his bill on the heels of the largest corn crop in history, lowering the price of a bushel to less than what it was when the RFS was passed and less than the cost of production. This bill is a slap in the face to corn farmers across the country who responded to the RFS with increased production and yields. The result of this bill will be increased farm program costs and pain across rural America. "The announcement today is a step backward in energy policy, cutting the legs out from under a burgeoning cellulosic biofuels industry, denying consumers choice at the pump, and returning us to a petroleum only energy economy that brings nothing but price volatility and environmental disaster."