ACE statement on 10-year anniversary of RFS2
Posted on 12/19/2017
Sioux Falls, SD (December 19, 2017) – Ten years ago, on December 19, 2007, the Energy Independence and Security Act (EISA) was signed into law by President Bush, and with its passing, a congressional increase in the Renewable Fuel Standard (RFS) volumes from the original 2005 law. The American Coalition for Ethanol (ACE) CEO Brian Jennings released the following statement on what this 10-year anniversary milestone means for the industry and what the next decade will bring.
“The RFS has spurred revolutionary changes across entire sectors of the economy; substantially lower fuel prices and more fuel choices for consumers at the pump, dramatically greater energy security for the U.S., profitable value-added markets for farmers, high-wage jobs, and other economic benefits in rural communities.
“Since the RFS was signed into law, the ethanol industry has experienced improved market share and innovation. The RFS was enacted to disrupt oil’s status-quo grip on the marketplace and that’s precisely why oil companies continue to fight for repeal of the RFS. The RFS has also served as a catalyst for technology innovation in our sector resulting in less energy and water to produce ethanol, a smaller carbon footprint and overall, a much more efficient industry.
“In 10 years, the biofuels industry will be stronger and more important to the overall economic success of America than it is today. Plants will produce a greater variety of products and coproducts as diversity and innovation will continue to drive efficiencies.
“Most importantly, I have every confidence that in 10 years from now our market share will grow from 10 percent of gasoline demand today to between 20 and 30 percent of the market, based on vehicle emission standards and demand for low-carbon fuel as the U.S. comes to grips with the fact that we need to do more to reduce CO2 emissions from the transportation sector. The lowest-cost way to reduce CO2 from vehicles is through low-carbon, high-octane fuels like ethanol.”