WASHINGTON, September 17, 2013 – Downstream Group Director Bob Greco said the RFS is “broken beyond repair” in a conference call with reporters. He previewed a new analysis on the RFS that API is sharing with members of Congress:

“The state of energy and the economy were very different when Congress passed the Energy Independence and Security Act of 2007. . .We’re calling this the RFS reality gap.

“Demand for gasoline is down. . .the U.S. has drastically increased its domestic crude oil production and lowered imports. . . and the assumed production levels of advanced cellulosic biofuels have disappointed year after year.

“All of this proves that while the RFS may have been well-intentioned six years ago, it is a dangerous relic of America’s era of fuel scarcity. Today, the RFS is not just outdated; it is bad public policy that is poised to harm millions of consumers.

“We’re meeting with members of Congress to help them understand the severe economic consequences that could occur unless they take action.”

API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 550 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.