WASHINGTON, D.C. — Growth Energy released the following statement regarding today’s White House meeting on the Renewable Fuel Standard (RFS).
“We are grateful the Administration will deliver on its promise for year-round E15 sales,” Growth Energy CEO Emily Skor said.
“Eliminating regulatory red tape so consumers can access this legal fuel year-round is a benefit to American drivers nationwide who appreciate that more biofuels means cleaner air and more savings at the pump. We hope the president’s decision will be acted on immediately so families can benefit during peak summer travel months.
“With the RIN cap officially dead, Senator Cruz is attempting to revive an old gimmick in a last-ditch attempt to kill ethanol demand. His scheme to generate RINs on exports was put to rest last fall with Administrator Pruitt’s letter to several senators, outlining a series of RFS commitments.
“Attaching a RIN to ethanol exports would have a crippling impact on American agriculture – significantly reducing demand for ethanol and corn. It would also have major trade implications, as export RINs would be considered a subsidy by our global trading partners, who will likely challenge this as unnecessary advantage to U.S. ethanol. Further, export RINs would be a clear violation of the RFS, which is intended to increase the domestic use of biofuels. We continue to thank our Congressional champions for standing firm against efforts to destroy ethanol demand.”
Last fall, Growth Energy commissioned research that showed the damaging impacts of an export subsidy for biofuels. The analysis shows immense impact on jobs, rural economies, and corn prices. Key findings include the following:
- Corn losses of $27.9 billion over the next four corn marketing years,
- An immediate drop of corn prices by 56 cents per bushel, and
- A reduction of 25,000 jobs supported by U.S. ethanol exports