20 Years of the Renewable Fuel Standard: Celebrating the Monumental Contributions to American Life
The National Corn Growers Association (NCGA) is celebrating the 20th anniversary of the Renewable Fuel Standard (RFS), a law that has provided immeasurable benefits to Americans by increasing demand for corn, reducing fuel prices, and strengthening America's energy dominance. Since its passage in 2005, the RFS has created hundreds of thousands of jobs, bolstered the country's fueling infrastructure, and saved consumers money.
Key Takeaways:
- The Renewable Fuel Standard has increased demand for corn by 244% over the last 20 years, according to economic data released by NCGA.
- The RFS has created hundreds of thousands of jobs, supporting more than 300,000 jobs and contributing $50 billion to the nation's GDP every year.
- The biofuels industry has become a significant player in the nation's energy landscape, producing 18 billion gallons of ethanol annually and fueling 300 million cars every year.
- The RFS has saved consumers between 10-30 cents per gallon at the pump over time, according to studies.
- The law has undergone changes and revisions, with the 10% cap on ethanol blends being removed and a temporary waiver being issued for the 15% ethanol limit during summer months.
- NCGA is working to eliminate the need for regulatory action and provide year-round consumer access to higher blends of ethanol, as well as to make inroads into the aviation sector with a tax incentive and standards in place.
Statistics:
- 244% increase in demand for corn for ethanol over the last 20 years
- 300,000 jobs supported by the biofuels industry
- $50 billion contribution to the nation's GDP every year
- 18 billion gallons of ethanol produced annually
- 300 million cars fueled every year
- Cost savings of 10-30 cents per gallon at the pump over time
Sources:
- National Corn Growers Association (NCGA)
- Energy Policy Act of 2005
- Environmental Protection Agency (EPA)
- Studies on RFS economic impact (exact source not provided)