Thomas Mott Osborne: “many of us have noticed that fuel prices are approaching $2 per gallon. We have doubled petroleum imports from Iraq in…”

“many of us have noticed that fuel prices are approaching $2 per gallon. We have doubled petroleum imports from Iraq in the last couple of months. This has been due largely to the Venezuelan crisis. We are currently averaging 6 billion barrels a year of imported fuel from Iraq. As anyone might suppose, we may eventually lose that supply. Nearly 60 percent of all oil is from foreign sources, and this should grow to roughly 70 percent by the year 2020. Recently the gentleman from Minnesota (Mr. Peterson) and I have introduced H.R. 837 which would, partially at least, address this problem. H.R. 837 amends section 211 of the Clean Air Act. It requires the use of at least 2.3 billion gallons of renewable fuels during the year 2004, and that would increase to 5 billion gallons by the year 2012. Renewable fuels are fuels produced from grain, sewage, feedlot waste, or other decaying organic materials. Ethanol and biodiesel are the two primary sources of renewable fuels. Ethanol contains 34 percent more energy than is required to produce it. This combats the myth that many people think it takes more energy to produce ethanol than ethanol actually produces. That is not true. Ethanol improves octane level in fuels. It improves air quality and allows us to meet EPA clean air requirements. And, possibly as important as anything, it replaces the additive MTBE, which has been proven to pollute groundwater and is being phased out throughout the Nation.”