America is importing less oil than any time in the last 45 years, no thanks to costly federal support for ethanol.
Federal programs such as the Renewable Fuel Standard (RFS), which requires gasoline sold in the U.S. to contain a certain amount of ethanol, were not responsible for getting America off foreign oil according to a report published Tuesday by the Institute for Energy Research (IER).
“The RFS was justified under several false assumptions, including that American oil production would continue to decline and imports would increase,” Chris Warren, a spokesperson for the Institute for Energy Research, told The Daily Caller News Foundation. “That clearly didn’t happen, as we’ve seen oil production on state and private lands increase dramatically. So much so that since 2008, 82 percent of the total increase in world oil production came from the U.S. That’s the reason imports have dropped.”
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