With the goal of reducing the nation’s dependence on foreign oil, Congress created the RFS in 2005. What has been the result? Greater reliance on imports of foreign sources of energy, mandates of next to non-existent fuel, and higher food prices.
There are reports that House Majority Leader Eric Cantor may introduce legislation to reform the ethanol mandate. Cantor’s comments were made during a meeting with top oil industry executives and lobbyists from organizations, including Valero, Phillips 66, Chevron, and ExxonMobil.