HM 243 - Senate Memorial Summary

• Urges Congress to repeal the Renewable Fuel Standard (RFS2) mandate established under the Energy Independence and Security Act of 2007 that requires 36 billion gallons of renewable fuel to be blended into transportation fuel by 2022.

• Cites an American Petroleum Institute study projecting RFS2 will increase gasoline prices by 30 percent and diesel prices by 300 percent by 2015, with a $770 billion decline in gross domestic product and $2,700 reduction in household consumption.

• Notes the EPA acknowledged that compliance with RFS2 will be difficult in 2014 because the market cannot absorb the mandated ethanol volumes, which exceed the "E10 blend wall" of 10 percent ethanol that most vehicles can use safely.

• Identifies concerns that high ethanol fuel blends exceed vehicle manufacturer specifications and may damage engines, fuel systems, and void warranties on millions of motor vehicles.

• Argues that recent innovations in oil and natural gas production, including hydraulic fracturing and deep water drilling, have reversed declining U.S. energy production and eliminated the original need for increased renewable fuel mandates.