Ethanol productions breaks all records
by: westervillekid (51/M/westerville) 08/12/05 11:10 am
Msg: 109172 of 109267
PRESIDENT SIGNS BILL AS ETHANOL BREAKS ALL EXISTING RECORDS FOR PRODUCTION
President Bush Signs Historic Energy Bill Into Law
President George Bush August 8 signed into law the comprehensive energy bill conference report, H.R. 6, at a national energy laboratory in Albuquerque, NM.
The legislation fundamentally alters U.S. motor fuels policy and makes the first ever federal commitment to the use of renewable fuels in our Nation’s gasoline.
"America is addicted to foreign oil,” stated Renewable Fuels Association (RFA) President Bob Dinneen.
“And the first step toward recovery is to admit there’s a problem.
"This legislation does that and more.
"The energy bill takes the first steps down America’s long road to recovery from foreign oil addiction.
"The renewable fuels standard alone will reduce foreign oil dependency by 5 percent.
"By focusing on renewable fuels, we've set a new course for energy policy and significantly widened the role American agriculture plays in providing for our most basic human needs.
"Without President Bush’s strong leadership, the country would not have its first new energy policy in well over a decade.”
Highlights for motor fuels in the energy bill:
Renewable Fuels Standard
Makes the first ever commitment to expanding domestic fuel supplies with renewable fuels like ethanol and biodiesel.
The renewable fuels standard (RFS), which sets a national minimum usage requirement, begins at 4 billion gallons in 2006 and increases to 7.5 billion gallons in 2012.
Greater Refinery Flexibility
Provides refiners flexibility by creating RFS credits (for renewable fuel blended above baseline) that have a lifespan of 12 months.
This allows refiners to use renewable fuels when and where they are most cost-effective.
In addition, the reformulated gasoline (RFG) oxygenate standard is eliminated 270 days after date of enactment (immediately for California) – a provision refiners have sought for six years.
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