WASHINGTON, D.C. – Today, Congresswoman Cheri Bustos (IL-17), a member of the House Agriculture Committee, released the following statement on the Environmental Protection Agency’s (EPA) proposal to reduce the renewable volume obligations (RVOs) under the Renewable Fuel Standard (RFS). Every November, the EPA is required to provide the RVOs that refineries use to blend biofuels into the market. While the EPA has the authority to reduce the RVOs, it never has before.
“Today’s proposal from the EPA to reduce the amount of renewable fuels defies common sense. Not only would this proposal hurt Illinois farmers, rural communities and our state’s economy, but it could also drive up prices at the gas pump and increase our dependence on foreign sources of oil. I’ll continue fighting for the health of our region’s economy and to keep our country safer and more secure by standing with both Democrats and Republicans in opposing this insensible proposal.”
Bustos has been a strong supporter of Illinois biofuels and recognizes the important role the industry plays in rural economies. Last month, Bustos joined with other members of Congress in writing a letter to the U.S. Commodity Futures Trading Commission (CFTC) asking it to look into potential market manipulation of the RINs (Renewable Identification Numbers) market due to the volatility of RIN prices since the beginning of the year. Volatile RIN prices have been a key component of the oil industry’s arguments against the RFS.