ABFA Supports Greater American Energy Independence
Today, the Organization of the Petroleum Exporting Countries (OPEC) and Russia announced its largest oil production cut since the onset of the COVID-19 pandemic in 2020. And though fuel prices have fallen significantly since their peak earlier this year, the impact of this decision is clear – decreased production will lead to higher prices for consumers.
In response, the White House reiterated its desire to be less dependent on foreign energy producers. This is a commendable and important goal – and one that the administration need look no further than its own backyard to accomplish. America’s advanced biofuels industry can help deliver greater American energy independence while simultaneously propelling the nation toward its climate goals.
Advanced biofuels, derived from renewable, non-food biomass, must deliver at least a 50% reduction in greenhouse gas emissions, and many deliver up to 80% in emissions reductions. These biofuels can be deployed using our existing fuel infrastructure at virtually no additional cost to U.S. taxpayers.
The recent passage of the Inflation Reduction Act, which contained important provisions to enable advanced biofuels to reach their fullest potential, was an important first step in developing a more robust domestic low-carbon energy market. But there is still more work to be done. We look forward to engaging with the EPA about upcoming Renewable Volume Obligation rulings and other policy directives to ensure a cleaner, more independent energy future for America as the administration intends.
– Michael McAdams, President of the Advanced Biofuels Association