I’d
like to speak on an issue that is hurting the pocketbooks of hard-working
Americans, particularly in the state of Iowa.
The
media has reported the White House has been in discussion with Big Oil
regarding rising fuel prices.
President
Biden has called on the OPEC cartel to drill for additional crude oil and
discussed potentially opening up our domestic Strategic Petroleum Reserve.
With
rising energy prices, it is common sense to promote additional development of
energy.
But
with the Biden administration’s sole focus seemingly being on climate change, I
would think more attention would be paid to promoting clean energy.
Throughout
my tenure in the Senate, I have promoted alternative energy sources as a way of
protecting our environment and increasing our energy independence.
As
the number one producer of corn, ethanol and biodiesel, Iowa leads the nation’s
renewable fuels industry.
But,
if the President doesn’t care about Iowa, then he doesn’t care about Illinois
and Minnesota, historically blue states, are also major producers of corn and
soybeans, as well as ethanol and biodiesel.
A
recent study has shown the expanded use of ethanol under the RFS has lowered
gasoline prices by an average of 22 cents per gallon.
This
saves the typical American household $250 annually.
In
recent weeks, E10 has sold for 35-50 cents per gallon less than gasoline with
no ethanol.
Not
only is ethanol blended gas cheaper than non-ethanol gasoline, but a recent
study has also shown ethanol reduces greenhouse gas emissions by 43 percent
compared to conventional gasoline.
A
common-sense solution would be to turn to the biofuel industry for assistance
during this time.
Enhancing
energy security while lowering emissions was the exact reason why Congress
created the Renewable Fuel Standard (RFS).
The
Midwest has the potential to provide a solution to the multi-faceted problems
that this Administration faces.
Instead,
President Biden and his White House continue to turn to big oil companies to
solve the energy crisis.
Big oil
seems to have a friendly relationship with the White House.
Recent
rumors in the press are saying that the Administration is considering gutting
the RFS with massive cuts to required volume obligations.
This
is strange considering President Biden campaigned on supporting the RFS.
In
Iowa, President Biden said that, “The RFS marks our bond with our farmers and
our commitment to a thriving rural economy.”
Increased
drilling for crude oil and increasing our dependence on OPEC is not a solution
to higher prices at the pumps.
Americans
need immediate relief, and it is past time for the Administration to look to
the heartland for the answer.
