In Washington, a new research article published last month in the academic journal Biofuels concluded that the Renewable Fuel Standard (RFS) is producing significant positive economic effects in the United States. According to the paper, authored by researchers at the Department of Energy’s Oak Ridge National Laboratory (ORNL), the RFS is reducing crude oil prices, decreasing crude oil imports, increasing gross domestic product (GDP), and having only minimal impacts on global food markets and land use. In the future, full implementation of the RFS’ advanced biofuel requirements will substantially amplify these economic benefits, the study found.
Commenting on the ORNL findings, Bob Dinneen, President and CEO of the Renewable Fuels Association (RFA) said, “As Congress returns and hearings are scheduled, Big Oil and Big Food will undoubtedly ramp up their multi-million dollar campaign to smear the RFS. Rather than listening to well-heeled oil lobbyists or giving credence to sham ‘studies’ funded by grocery manufacturers, let’s allow independently funded, unbiased, third-party research — like this study from ORNL — to guide the debate.”