Sioux Falls, SD – U.S. Senator Tim Johnson today highlighted a University of Missouri study showing that a one-year waiver of the renewable fuel standard will not have a meaningful or immediate impact on corn prices, as some advocates of the waiver have claimed.
“This study demonstrates that waiving the RFS for one year will have a minimal effect on corn prices at best,” said Johnson. “We should not be undercutting the RFS, which is so important for our producers, rural economies, and everyone who cares about our dependence on oil or the price of gas at the pump.”
“Our future is in renewable fuels, and it would be a mistake to abandon successful policies in this area,” said Johnson. “Pegging the impacts of the prolonged drought on the RFS is misguided. There are far better ways to address the very real challenges facing livestock producers.”
The study is from the University of Missouri’s Food and Agricultural Policy Research Institute (FAPRI). The study can be found here.
-30-
