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April 13, 2005  

KING INTRODUCES LEGISLATION TO INCREASE USE OF

ETHANOL, BIODIESEL IN U.S. ENERGY POLICY  

WASHINGTON - U.S. Congressman Steve King today introduced legislation to decrease U.S. dependence on foreign oil by increasing our own country's renewable fuels, including ethanol and biodiesel.

The Fuels Security Act of 2005 creates a Renewable Fuels Standard to increase use to at least eight billion gallons of renewable fuel by 2012. The increase in renewable fuels will replace over two billion barrels of crude oil and reduce the amount of U.S. dollars shipped out of the country to foreign oil producers by over $64 billion. If passed into law, U.S. dependency on foreign oil will be reduced from 68 percent to 62 percent. The Fuels Security Act of 2005 would add almost $200 billion to Gross Domestic Product between the current year and 2012.

"We need to take ownership of our own energy security and fully utilize the capabilities we have to produce reliable, renewable fuels," said King. "Iowa is one of the best areas in the country to see the rapid growth in produce of renewable fuels. Adding value to the commodities we have been producing for years will pump more dollars in our local economies."

Domestic renewable fuels production has increased dramatically over recent years; Western Iowa lays claim to six operating ethanol plants, four ethanol plants under development, two operating bio-diesel plants and one under development. Currently the U.S. has over 100 ethanol and bio-diesel plants with the capacity to produce more than 3.7 billion gallons of renewable fuels for transportation fuels. 

"In Western Iowa, and throughout the Corn Belt, we are an energy export center.  This was not conceived of 10 years ago, not visualized 6 or 7 years ago, but today is a reality.  This legislation acts on this history to provide renewable fuels for America's gas tanks to provide energy security and strengthen rural economies," said King.

King cosponsored the bill with Reps. Stephanie Herseth (SD-AL), Tom Osborne (NE-03), Collin Peterson (MN-07) and 17 other cosponsors.

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