[This post was co-authored by Arthur R. Wardle.]
When Washington began subsidizing production of ethanol in the midst of 1970s’ fuel shortages, the aim was to reduce U.S. dependence on imported oil, especially from OPEC countries. But the United States no longer relies heavily on OPEC. In fact, America is now on track to become a net oil exporter. Thanks to the shale revolution and more drilling offshore, U.S. oil production has grown significantly, while imported oil as a share of total domestic oil consumption has plummeted.
Yet, instead of terminating the Renewable Fuel Standard (RFS) — which going forward requires a
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