The world oil cartel, known as the Organization of Oil Exporting Countries, celebrated its 50th anniversary yesterday. While there may be cause for celebration in the capitals of Saudi Arabia, Iran, Venezuela and other member countries, here in the U.S., the Renewable Fuels Association says - it is time to thank America’s renewable fuels industry for staunching the flow of OPEC oil.
Without the growing production and use of biofuels in the U.S. and around the world, IEA calculates that more than one million barrels per day of new oil production would be required. RFA President Bob Dinneen says - thanks to forward thinking U.S. policy promoting the production and use of biofuels, the U.S. can celebrate 50 years of OPEC not by cutting cake, but cutting even more oil imports.
Tom Buis, CEO of Growth Energy says - for 50 years, the OPEC oil cartel has had America over a barrel of foreign oil. Buis adds - all Americans should remember we have an alternative. And we should do all we can to help retire the OPEC Oil Cartel once and for all. Jeff Broin, CEO of POET and Co-Chair of Growth Energy, says - with access to the market, American ethanol could replace OPEC oil well before we get to OPEC’s 75th birthday.