U.S. Ag Secretary Tom Vilsack says the Obama Administration won’t abandon the Renewable Fuels Standard and will encourage Congress to maintain it. That’s according to story on Bloomberg.
However, legislation was introduced this week in the House and Senate to rewrite the Renewable Fuel Standard. It would force the EPA to set targets for biofuels production based on the previous year’s biofuels production. Supporter of the renewable fuel standard fear the legislation would effectively kill future development of next-generation biofuels. Growth Energy CEO Tom Buis (bias) calls the legislation bad policy and pandering to the wishes of the oil industry. He says it’s nothing more than an end run around the Renewable Fuel Standard.
The Renewable Fuels Standard mandates the use of a minimum volume of renewable biofuels annually. The EPA currently sets increasing annual production targets. This year it’s 13.8 billion gallons of ethanol and biodiesel, increasing by 2015 to15 billion gallons with an eventual goal of 36 billion gallons by 2022.