BIO Official defends biofuels standard to House Committee.
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Press Release Summary:
BIO submitted comments to House Committee on Energy and Commerce in response to 4th white paper reviewing Renewable Fuel Standard (RFS). Document examines goals and achievements of RFS as part of national energy policy. According to BIO's Brent Erickson, biofuels technology is helping U.S. economy by mitigating impact of high oil costs and reducing gas prices. He also said RFS2 has further developed domestic biofuels industry, reducing dependence on foreign fuels and creating jobs.
Original Press Release:
Biofuels Are Essential to Energy Security, BIO Tells House Energy and Commerce Committee
WASHINGTON – The Biotechnology Industry Organization (BIO) today submitted comments to the House Committee on Energy and Commerce in response to the fourth in a series of white papers reviewing the Renewable Fuel Standard (RFS). The fourth white paper examined the goals and achievements of the RFS as part of national energy policy.
"In 2012, despite increased domestic oil production and declining gasoline use, the average U.S. household spent $257 more to fuel the family car than the previous year. That same year, the 3.3 percent increase in gasoline prices outpaced the 2.9 percent average growth in American's incomes for 2012."
"The technology being developed by [cellulosic and advanced biofuel] companies, in large part due to the regulatory and financial certainty provided by the RFS, is helping the U.S. economy by mitigating the impact high and volatile global oil prices have on all facets of the economy and reducing gas prices at the pump for American consumers," wrote Brent Erickson, executive vice president of BIO's Industrial & Environmental Section.
"These increases in fuel prices despite a decrease in demand and an increase in production have a crippling effect on the economy, stalling economic growth as America continues to recover from its economic recession. The 30 percent increase in the price of oil from October 2011 through April 2012 adversely affected household budgets and likely contributed to a slow rate of increase in consumer spending," Erickson continued. "In addition to hurting consumers at the pump and harming the economy, the continued volatility in the oil markets undermines military readiness, putting our national security at risk."
Erickson concluded, "The RFS2 has encouraged the commercialization of technologies helping to reduce the United States' overwhelming dependence on foreign oil. By providing long-term regulatory stability needed to send a signal to investors, the RFS2 has further developed the domestic biofuels industry, lessening our dependence on foreign fuels and creating jobs in America, using homegrown technology."
About BIO
BIO represents more than 1,100 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling "innovations transforming our world."
Upcoming BIO Events
BIO Investor Forum
October 8-9, 2013
San Francisco, CA
BIO IPCC Conference
November 6-8, 2013
Washington, DC
BIO Convention in China
November 11-13, 2013
Beijing, China
Pacific Rim Summit on Industrial Biotechnology & Bioenergy
December 8-11, 2013
San Diego, CA
BIO CEO & Investor Conference
February 10-11, 2014
New York, NY
Contact
Biotechnology Industry Organization (BIO)
Paul Winters, 202-962-9237
Web: www.bio.org
Blog: www.biotech-now.org
Twitter: @IAmBiotech
