Turning soybeans into diesel fuel is costing us billions.
Yes, you read that right. A recent piece from NPR reports that turning soybeans into fuel is draining the wallets of American consumers. How exactly? Federal biofuel mandates (you guessed it, the RFS) require that a certain amount of biodiesel fuel has to be blended into the diesel fuel supply every year. Trouble is, biodiesel is a whole lot more expensive by the gallon than traditional diesel and consumers are having to shoulder those higher costs.
While the RFS was passed with good intentions, it has created a guaranteed market for fuels like soy biodiesel that aren’t competitively priced and can’t compete on their own. And the taxpayer burden could be getting bigger now that tariffs have been issued to make “budget biodiesel” from Argentina expensive.
As NPR summed up, for a lot of economically-attuned folks, RFS is seen as “a wasteful misuse of resources,” and the biodiesel mandate is arguably the most flagrant example. It’s time Congress takes action against this broken policy before it costs drivers another dime.
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