The oil industry hopes to protect its control over America’s fuel supply by undermining renewable fuels. By confusing us with misleading claims and outright falsehoods, oil companies hope Congress will overlook the real dangers caused by our almost complete dependence on oil for transportation fuels. For our economy and our environment, we cannot allow them to succeed.
The oil lobby is not hiding its goal. It wants to destroy its competition by repealing the Renewable Fuel Standard (RFS), calling higher ethanol blends “unworkable” and “not the way to go.” That is nonsense. Currently, ethanol is blended at the 10% level (E10) into nearly every gallon of gasoline in America, saving consumers money and cleaning our air. Meanwhile, higher ethanol blends like E15 are the most tested fuels ever – with enough miles driven by testing agencies to travel to the moon and back 12 times.
The oil industry would like you to ignore the inconvenient fact that oil is both limited and disappearing fast. In the race to drill ourselves into “Saudi America” by increasing domestic oil production, we will be going after oil reserves that are harder and harder to access. And those oil reserves will cost us a lot more, both economically and environmentally.
According to the IEA, even with all that drilling at home, oil is still expected to top $200 per barrel by 2035. That’s a far cry from the $20/barrel price most of us baby-boomers grew up with. We won’t have lower oil prices until we have real alternatives to oil at the pump – and the oil companies know it. So it’s no surprise that the oil industry is interested in killing policies that encourage competition to its legacy business model. That model is extremely lucrative: the five majors pulled in record profits in 2011 and more than $118 billion last year.
Source: The Hill