Earlier this week, President Bush signed the Energy Independence and Security Act of 2007. The law includes an expansion of the Renewable Fuel Standard to 36 billion gallons of renewable fuel by 2022.
As the largest producer of ethanol in the world, several media outlets have been calling to get our reaction to the passage of the Energy Independence and Security Act of 2007. Just in the past week, we've done interviews with the Chicago Tribune, Reuters, the Associated Press and many more. We also issued a statement which you can find on our web site.
But what does new law really mean? As CEO Jeff Broin laid out at a press conference with U.S. Senator John Thune today, it will lead to improvements in energy security, climate change and the nation's economy. Here's the speech from Broin:
Producing 36 billion gallons of renewable fuels will lessen our imports by 1.5 million barrels per day, an amount roughly equivalent to what we import from Venezuela or Saudi Arabia. According to the NRDC, the enacted version of the bill represents a cumulative greenhouse gas equivalent reduction of 7.5-9 billion metric tonnes by 2030. This reduction is equal to 13-19% of the cumulative 2010-2030 reductions that would be required under sweeping Lieberman-Warner climate bill. Lastly, the bill will spark a huge investment in advanced biofuels like cellulosic ethanol. McKinsey estimates that it will take 1.5% of our nation's GDP to implement the mandated provisions of the act.
For photos from the news conference with Senator Thune, click here. To read a recap from the AP, click here.
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