Chairman Frank Lucas today released the following statement on Scott O'Malia's last day as Commissioner of the Commodity Futures Trading Commission (CFTC). Last month, O’Malia announced he would resign to pursue other opportunities.
House Passes Groundbreaking Energy Bill with an Expanded Renewable Fuel Standard
WASHINGTON - Today, Agriculture Committee Chairman Collin Peterson applauded the House passage of a comprehensive energy bill with a strong Renewable Fuel Standard (RFS) that will strengthen and expand the growing market for ethanol and biodiesel.
The Energy Independence and Security Act passed by a vote of 231-181 in the U.S. House of Representatives with bipartisan support.
“A strong renewable fuel standard will ensure the continued growth and development of the renewable fuels industry,” Agriculture Committee Chairman Collin Peterson said. “This forward-looking bill will build on the success of our current ethanol and biodiesel industries and will encourage continued innovation and development of the feedstocks of the future.”
The RFS provision establishes a minimum content of renewable fuel that refiners must use each year through 2022. It also includes a separate mandate for biodiesel and encourages the use of cellulosic sources for biofuels.
The energy bill will increase the volume of renewable fuels used each year, beginning with 9 billion gallons in 2008 and increasing to 36 billion gallons per year in 2022.