More evidence of Nancy Pelosi's abject dishonesty...

Aug 2012
10,696
2,782
#1
Energy Independence and Security Act of 2007

House Speaker Nancy Pelosi promoted the Act as a way of lowering energy costs to consumers.


Energy Independence and Security Act of 2007 - Wikipedia, the free encyclopedia

Congress, in its limited wisdom (and fealty to corn farmers), passed legislation in 2007 requiring that the U.S. use of renewable fuels increase to 36 billion gallons annually by 2022. This year's EPA quota is 16.5 billion gallons, and the requirements keep ratcheting up even though U.S. gasoline use is falling.

This matters because for refineries to stuff ballooning amounts of ethanol into a static gas pool, they must blend it at levels of more than 10%. Since the nation's auto makers have declared they will void the warranties of cars using gas with more than 10% ethanol, refineries face lawsuits. Most have instead turned to buying federal renewable "credits" to make up for the ethanol they don't blend.

As demand for these credits skyrockets, so has the price—jumping from a few pennies a gallon last year to close to $1 a gallon today. Oil refiner Valero has said the credits could raise its cost by a stunning $750 million this year, a hit that will be passed on to consumers. PBF Energy just told investors that its disappointing second-quarter earnings were rooted in the mandate, noting that the $200 million it expects to fork over for ethanol credits this year will exceed the salaries and wages that it pays to operate all three of its refineries.


Kimberley A. Strassel: Washington's Latest Special Favor - WSJ.com

Pretty much everything the do ends up killing jobs and reducing economic opportunity. People who vote for them really should look deep inside themselves to see if they can muster the integrity to stop supporting this failed agenda...
 
Likes: 2 people

Similar Discussions