Biofuels Are the Long-Term Solution to Gas Prices; the Renewable Fuel Standard Is Key, BIO Says
The Renewable Fuel Standard is the bedrock policy encouraging continued investment in production of biofuels, which have helped to check fuel prices at the pump. Today, a group of biofuel and renewable energy organizations released a letter to Congressional leaders asking them to continue to fully support the Renewable Fuel Standard.
BIO President & CEO Jim Greenwood said, “Spiraling gasoline prices are harming consumers and threatening another economic recession. Today, ethanol is helping to keep gasoline prices in check. But developing domestic alternatives to all products that come from foreign oil is the key to achieving energy security and putting the United States back on the path to a healthy economy. As global population grows, demand for oil will too, forcing gas prices ever higher; biofuels will be one of the few relief valves for U.S. consumers.
“With the Renewable Fuel Standard in place, private companies have moved as rapidly toward commercialization of advanced biofuels as possible. These companies are playing by the rules and only ask that federal policy remain stable so they can continue putting steel in the ground and creating permanent jobs in the fields of biotechnology and energy. The federal government must continue to support development of the advanced biofuel industry, just as it did other industries vital to national security.”