FL S0800

Urges Congress to repeal the Renewable Fuel Standard (RFS) established under the Energy Independence and Security Act of 2007, which mandates renewable fuel blending in transportation fuel.

Cites a study estimating RFS could increase gasoline prices by 30 percent and diesel prices by 300 percent by 2015, with projected macroeconomic impacts including a $770 billion GDP decline and $2,700 reduction in per-household consumption.

Argues RFS mandates exceed market capacity, noting the EPA projected 2014 ethanol demand at 15.2 billion gallons but maximum E10 consumption at only 13.2 billion gallons, potentially damaging vehicle engines and voiding warranties.

Notes RFS2 penalized refineries for failing to blend cellulosic biofuel despite the lack of commercial production technology, and that numerous national trade groups and industry associations have called for repeal or amendment.

States that advances in domestic oil and natural gas production, including hydraulic fracturing and deep-water drilling, have eliminated the original impetus for the renewable fuel mandate.