WASHINGTON, Sept. 17, 2013 /PRNewswire/ -- U.S. Congressional action to reform the Renewable Fuel Standard (RFS) would come by the end of this year, if it comes at all, said U.S. Congressional Representative John Shimkus, Republican-Illinois, during a Platts Energy Podium event Tuesday.
Shimkus, the chairman of the U.S. House Energy and Commerce Committee's subcommittee on Energy and the Economy, said a decision is expected in coming months from the U.S. Environmental Protection Agency (EPA) on renewable fuel volumes for 2014. This will help determine whether a bill is drafted or not.
"By the end of this year, you'll know whether we're going to do something or not," Shimkus told the Platts Energy Podium gathering of energy reporters. If the EPA releases more "realistic" biofuels blending requirements for 2014, reforms to the controversial law may not be needed at all, said Shimkus, one of at least six lawmakers close to the reform negotiations.
Shimkus said he has been disappointed with the heated rhetoric over the issue of renewable fuels, despite his July plea to oil companies and ethanol backers to seek common ground.
"I didn't move the needle too far," Shimkus said. He noted that the polarized stance of the two sides, fueled by "battle ads" launched since the July hearing, "does not make for good negotiations."
Shimkus rejected the notion that his committee should adopt a pause, or freeze, in the RFS requirement that a growing amount of ethanol be blended each year into the nation's transportation fuel supply. He said a pause would hurt the investments of billions of dollars that companies have made in producing ethanol and so-called "next-generation" renewable fuels.
"I think it sends terrible market signals," he said.
A recording of the John Shimkus Platts Energy Podium session is available via podcast at this link: http://plts.co/shimkusPEP.
Sponsored by Platts, a leading global energy, petrochemicals and metals information provider, Platts Energy Podium provides an ongoing forum for prominent newsmakers and the press to address important energy and environmental issues.
Members of the media may receive complementary registration for Platts Energy Podium events by contacting Kathleen Tanzy at 212-904-2860, email@example.com. For more information on energy and energy policy, visit the Platts website at www.platts.com.
About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.
About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI), a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power & Associates, McGraw Hill Construction and Aviation Week. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.