I’d like to speak on an issue that is hurting the pocketbooks of hard-working Americans, particularly in the state of Iowa.
The media has reported the White House has been in discussion with Big Oil regarding rising fuel prices.
President Biden has called on the OPEC cartel to drill for additional crude oil and discussed potentially opening up our domestic Strategic Petroleum Reserve.
With rising energy prices, it is common sense to promote additional development of energy.
But with the Biden administration’s sole focus seemingly being on climate change, I would think more attention would be paid to promoting clean energy.
Throughout my tenure in the Senate, I have promoted alternative energy sources as a way of protecting our environment and increasing our energy independence.
As the number one producer of corn, ethanol and biodiesel, Iowa leads the nation’s renewable fuels industry.
But, if the President doesn’t care about Iowa, then he doesn’t care about Illinois and Minnesota, historically blue states, are also major producers of corn and soybeans, as well as ethanol and biodiesel.
A recent study has shown the expanded use of ethanol under the RFS has lowered gasoline prices by an average of 22 cents per gallon.
This saves the typical American household $250 annually.
In recent weeks, E10 has sold for 35-50 cents per gallon less than gasoline with no ethanol.
Not only is ethanol-blended gas cheaper than non-ethanol gasoline, but a recent study has also shown ethanol reduces greenhouse gas emissions by 43 percent compared to conventional gasoline.
A common-sense solution would be to turn to the biofuel industry for assistance during this time.
Enhancing energy security while lowering emissions was the exact reason why Congress created the Renewable Fuel Standard (RFS).
The Midwest has the potential to provide a solution to the multi-faceted problems that this Administration faces.
Instead, President Biden and his White House continue to turn to big oil companies to solve the energy crisis.
Big oil seems to have a friendly relationship with the White House.
Recent rumors in the press are saying that the Administration is considering gutting the RFS with massive cuts to required volume obligations.
This is strange considering President Biden campaigned on supporting the RFS.
In Iowa, President Biden said that, “The RFS marks our bond with our farmers and our commitment to a thriving rural economy.”
Increased drilling for crude oil and increasing our dependence on OPEC is not a solution to higher prices at the pumps.
Americans need immediate relief, and it is past time for the Administration to look to the heartland for the answer.
