The House of Representatives will soon vote on three pieces of legislation to rein in the federal Environmental Protection Agency (EPA) from (1) imposing and enabling de facto bans on new cars and trucks that run on liquid fuels and (2) from radically transforming the Renewable Fuel Standard (RFS) into a new nine-figure-government subsidy program for electric vehicles (EVs).
When Congress created the Renewable Fuel Standard, the intent was clear. The RFS was supposed to build a market for American-grown biofuels and support domestic energy security. Today, EPA wants to deviate wildly from this course. Instead of maintaining the RFS as a program for liquid transportation biofuels, EPA’s RFS proposal for 2023 to 2025 would begin transforming the RFS into yet another huge government subsidy for electric vehicles.
Publicly owned companies, like many U.S. refineries, have a fiduciary responsibility (which is a legal obligation) to act in the best interest of their shareholders, and that extends to how companies spend their earnings. Often, earnings are spent on a combination of the following: direct dividends, stock buy back programs, paying down debt and capital investment projects.
