FOR IMMEDIATE RELEASE
August 23, 2012
Romney Energy Plan Supports Renewable Fuels Standard to Increase Competition
Breaking Down Barriers for New Fuels is Key to Consumer Choice
JOHNSTON, IOWA – The Iowa Renewable Fuels Association (IRFA) today applauded Gov. Mitt Romney for highlighting his support for the federal Renewable Fuels Standard (RFS) as a part of his presidential energy plan released today. Given the existing near monopoly petroleum enjoys for transportation fuels, the RFS injects new consumer choices and competition into the marketplace. Romney first spoke publicly about his support for the RFS at a campaign stop in Sioux City, Iowa during the Iowa Caucuses.
“Gov. Romney understands that true fueling freedom requires the ability of consumers to choose -- and the RFS is the bedrock policy to break the petroleum monopoly,” stated IRFA Vice President Rick Schwarck, CEO of Absolute Energy in St. Ansgar, Iowa. “Today, the petroleum industry enjoys federal tax subsidies, federal fuel regulations that literally mandate consumers purchase petroleum products for their vehicles, and a fuel distribution monopoly that chokes out competition from newer, cheaper, domestic fuels. We need a level playing field with true consumer choice that would boost renewable fuels, create American jobs, and reduce our dependence on foreign oil.”
The Romney energy plan states that it seeks an affordable, reliable energy supply that creates manufacturing jobs and strengthens national security while reducing the trade deficit. Schwarck noted that ethanol checks all those boxes.
“Just review the facts,” Schwarck noted. “First, ethanol is cheaper than gasoline and much cheaper than comparable octane enhancers. In fact, Iowa State University found that the current level of ethanol use reduces the price of every gallon of gas in America by over a dollar. Second, the ethanol industry has been one of the few growing domestic manufacturing sectors over the last decade, responsible for over 400,000 direct and indirect jobs. Finally, ethanol now accounts for 25 percent of our domestic fuel production – a full quarter. And by displacing fuel otherwise produced from foreign oil, ethanol has helped reduce America's net foreign oil dependence from over 60 percent in 2005 (the year the RFS was signed into law) to only 45 percent in 2011. Enacting an energy policy that stops propping up subsidized petroleum and eliminates barriers that prevent the best fuels for succeeding will only enhance these benefits.”
Iowa is the leader in renewable fuels production. Iowa has 13 biodiesel facilities with the capacity to produce 320 million gallons annually. In addition, Iowa has 41 ethanol refineries capable of producing nearly 3.7 billion gallons annually and one new facility under construction.
The Iowa Renewable Fuels Association was formed in 2002 to represent the state’s liquid renewable fuels industry. The trade group fosters the development and growth of the renewable fuels industry in Iowa through education, promotion, legislation and infrastructure development.
For more information, visit the Iowa Renewable Fuels Association website at:
For more information, visit the Iowa Renewable Fuels Association website at: www.IowaRFA.org